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This document is a Voluntary Petition filed with the United States Bankruptcy Court by Cornerstone at Glendale, LLC, initiating a Chapter 11 bankruptcy proceeding in the Southern District of Texas.
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How to fill out voluntary petition
How to fill out Voluntary Petition
01
Begin by obtaining the Voluntary Petition form from the bankruptcy court's website or office.
02
Fill in the debtor's name and address accurately at the top of the form.
03
Indicate the chapter of bankruptcy under which you are filing (e.g., Chapter 7, Chapter 11).
04
Complete the section detailing your debts, including secured and unsecured claims.
05
Provide information about your income, expenses, and asset holdings.
06
Disclose any prior bankruptcy filings and their outcomes.
07
Prepare the schedules that outline your assets, liabilities, income, and expenditures.
08
Sign and date the petition, affirming that the information provided is true and correct.
09
File the completed Voluntary Petition with the appropriate bankruptcy court, along with the filing fee or a request to waive the fee.
10
Attend the required meeting of creditors (341 meeting) after filing.
Who needs Voluntary Petition?
01
Individuals or businesses that are unable to pay their debts and seek relief under bankruptcy law.
02
Those facing foreclosure, wage garnishment, or other collection actions.
03
People seeking to reorganize their finances and eliminate certain debts.
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People Also Ask about
What is the difference between a voluntary petition and an involuntary petition?
A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements.
Who can file an involuntary petition?
A petitioning creditor is qualified to file an involuntary petition if they hold a claim against the debtor that is not contingent as to liability or the subject of a bona fide dispute regarding the liability or its amount, ing to the Bankruptcy Code.
What is an involuntary petition?
A petitioning creditor is qualified to file an involuntary petition if they hold a claim against the debtor that is not contingent as to liability or the subject of a bona fide dispute regarding the liability or its amount, ing to the Bankruptcy Code.
What is a voluntary petition in Chapter 7?
A voluntary petition is a more common filing and allows the debtor to choose the type of bankruptcy and the applicable chapter. In contrast, an involuntary petition is filed when the debtor is unable to pay its debts, and its creditors seek to force the debtor into bankruptcy. Overview of Bankruptcy Chapters.
What is the difference between voluntary and involuntary petition?
Voluntary bankruptcy is a bankruptcy proceeding commenced by the debtor ; bankruptcy instituted by an adjudication upon a debtor's petition. Involuntary bankruptcy, on the other hand, is a bankruptcy case initiated by a debtor's creditors .
What is the difference between a voluntary petition and an involuntary petition?
Voluntary Petition vs. Involuntary Petition A voluntary petition is a bankruptcy filing initiated by the debtor, while an involuntary petition is filed by the debtor's creditors. A voluntary petition is a more common filing and allows the debtor to choose the type of bankruptcy and the applicable chapter.
Why would an unsecured creditor want to file an involuntary petition against a debtor?
This is typically initiated when creditors have determined that the debtor is unable to meet their financial obligations in repaying the debts to the creditors, and bankruptcy is the best option to recover those debts.
What is an involuntary proceeding?
When a creditor has made several attempts to collect a debt, but there has been no response from the debtor, they may have no choice but to sue them into bankruptcy.
What is a voluntary petition?
A Voluntary Petition is a document that initiates the filing of a bankruptcy proceeding, setting forth basic information regarding the debtor(s), including name(s), address(es), chapter under which the case is filed, and estimated amount of assets and liabilities.
Who can file an involuntary petition?
A petitioning creditor is qualified to file an involuntary petition if they hold a claim against the debtor that is not contingent as to liability or the subject of a bona fide dispute regarding the liability or its amount, ing to the Bankruptcy Code.
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What is Voluntary Petition?
A Voluntary Petition is a legal document filed by an individual or business to initiate bankruptcy proceedings under the U.S. Bankruptcy Code.
Who is required to file Voluntary Petition?
Individuals or businesses that are unable to pay their debts and wish to seek bankruptcy protection can file a Voluntary Petition.
How to fill out Voluntary Petition?
To fill out a Voluntary Petition, the petitioner must provide personal or business information, details about assets, liabilities, income, expenses, and other financial information as required by the bankruptcy court.
What is the purpose of Voluntary Petition?
The purpose of a Voluntary Petition is to formally request relief from debts and to start the legal bankruptcy process to reorganize or eliminate debts.
What information must be reported on Voluntary Petition?
The information required includes the debtor's name, address, social security number or tax ID, list of creditors, a schedule of assets and liabilities, and a statement of financial affairs.
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