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This document is a voluntary petition filed under Chapter 11 of the Bankruptcy Code by THE VELVET ROOM INC in the Northern District of Georgia. It includes details about the debtor's financial status,
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B1 (Official Form 1)(4/10) is the form used to initiate a voluntary bankruptcy case under Chapter 7, 11, or 13 of the United States Bankruptcy Code, serving as a formal request for relief under bankruptcy law.
Individuals or businesses that wish to declare bankruptcy and seek discharge from their debts are required to file B1 (Official Form 1)(4/10). This includes personal debts, corporate debts, or financial reorganization cases.
To fill out B1 (Official Form 1)(4/10), the applicant must provide their personal information including name, address, and Social Security number, details about their creditors, assets, income, expenses, and a declaration regarding the truthfulness of the information provided.
The purpose of B1 (Official Form 1)(4/10) is to formally commence a bankruptcy proceeding, allowing the filer to seek relief from creditors and, depending on the chapter filed, to either liquidate assets or restructure debts.
The information that must be reported on B1 (Official Form 1)(4/10) includes the debtor's name, contact information, type of bankruptcy being filed, a list of creditors, assets, liabilities, income, expenses, and a statement regarding prior bankruptcy filings.
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