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This document is a Voluntary Petition filed in the United States Bankruptcy Court for the District of Maryland by The Fila Academy, Inc. on December 20, 2011, under Chapter 11. It provides details
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How to fill out voluntary petition
How to fill out Voluntary Petition
01
Start by gathering all necessary financial documents, including income statements, debt information, and asset details.
02
Obtain the appropriate Voluntary Petition form, which is typically available on the website of the bankruptcy court in your jurisdiction.
03
Fill out the form with your personal information, including your name, address, and social security number.
04
Provide detailed information about your income, expenses, assets, and creditors in the designated sections of the form.
05
Check the form thoroughly for accuracy and completeness before signing it.
06
Prepare any additional schedules or documents required by the court, such as a Statement of Financial Affairs.
07
File the completed Voluntary Petition and all accompanying documents with the bankruptcy court, either in person or electronically if permitted.
08
Pay any required filing fees or request a fee waiver if you qualify.
Who needs Voluntary Petition?
01
Individuals or businesses that are unable to pay their debts and seek to discharge or reorganize them through bankruptcy.
02
People facing foreclosure, repossession, or garnishment of wages and who are looking for legal relief.
03
Individuals wishing to eliminate burdensome debt and obtain a fresh financial start.
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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 U.S. law.
Who is required to file Voluntary Petition?
Any individual or business entity that is unable to pay their debts as they come due may file a Voluntary Petition.
How to fill out Voluntary Petition?
To fill out a Voluntary Petition, you must complete the required forms provided by the bankruptcy court, including information about your debts, income, assets, and financial history.
What is the purpose of Voluntary Petition?
The purpose of a Voluntary Petition is to formally request relief from debts through bankruptcy, allowing the filer to reorganize or discharge their obligations.
What information must be reported on Voluntary Petition?
The Voluntary Petition requires information such as the debtor's name, address, income, assets, liabilities, and details about any prior bankruptcy cases.
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