Bankruptcy Petition

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Bankruptcy Petition

1. A formal request by an individual or a business to a bankruptcy court to declare bankruptcy and to discharge or restructure debts (after repayment is made insofar as possible).

2. A formal request by an individual or a business' creditors to a bankruptcy court to declare bankruptcy and to require repayment or restructuring of debts. Some businesses and individuals (such as fishermen in Canada) are exempt from this type of forced bankruptcy.
References in periodicals archive ?
The bankruptcy petition contained numerous errors and omissions the client's name was misspelled, aliases used by the client were not listed, the client's Social Security number was missing, the fact that the client had registered a business in her name was left out, and the fact that the client had filed two prior bankruptcy petitions, both of which had been dismissed within the previous year, was not mentioned.
A total of 742,323 consumer bankruptcy petitions were filed in 2017, 1 percent fewer than in 2016.
The Blixseth Court held that creditors with partially disputed claims cannot join an involuntary bankruptcy petition. This decision could have a chilling effect on creditors' willingness to join involuntary bankruptcy petitions in Nevada and other jurisdictions due to their exposure to potential liability following dismissal of the petition as a result of their disqualification based on their partially disputed claims.
Ltd and its US subsidiary, Zetta Jet USA, Inc., filed voluntary bankruptcy petitions under Chapter 11 of the US Bankruptcy Code to seek to restructure their debt while continuing normal business operations, the company said.
He resigned under allegations that he failed to file bankruptcy petitions after receiving payment from clients.
CREDITORS will be priced out of court in a bid to recover debts as the cost of bankruptcy petitions rises for the first time in 30 years, a Midland lawyer says.
(8) These debt limitations are adjusted every three years based on the Consumer Price Index and were most recently reset effective for bankruptcy petitions filed on or after April 1, 2013.
Under the Robins exceptions, however rare they may be, the guarantors don't have to risk ruin to their credit standing by filing their own bankruptcy petitions.
With the exception of the New York-White Plains-Wayne, NY-NJ MSA -- which saw an 11% spike in small business bankruptcy petitions relative to 2Q 2011 -- Equifax data shows nearly all of the 15 MSAs topping the list of those with the greatest number of small business bankruptcies in the second quarter of 2012 remained largely unchanged since Q2 2011; all were among the top ranking a year ago.
21 September 2011 - Struggling Swedish car maker Saab Automobile has appealed against the bankruptcy petitions filed by trade unions Unionen and Ledarna on behalf of Saab employees, local business daily Dagens Industri (DI) reported Tuesday afternoon.
THE number of Teesside people presenting their own bankruptcy petitions has fallen by 26% compared to the same quarter last year.
Colorado Springs, CO, October 07, 2010 --(PR.com)-- MyBankruptcySchool.Com is the first online school developed to teach attorneys and their staff how to prepare well-detailed Chapter 7 and Chapter 13 bankruptcy petitions. Emphasis is placed on assisting attorneys in best protecting debtors and in fulfilling their due diligence under the new BAPCPA that went into effect back in 2005.