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This document is a Voluntary Petition for declaring bankruptcy filed by BHOBO Three, Ltd in the Southern District of New York. It includes personal and financial details necessary for initiating bankruptcy
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Chapter 7 – See Bankruptcy Code Section 707 – Because a trustee is appointed, the trustee may file an objection to a request for voluntary dismissal, and a hearing is required. Chapter 11 – See Bankruptcy Code Section 1112 – A debtor's request to dismiss requires a motion and an opportunity for a hearing.
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.
The voluntary petition will include standard information concerning the debtor's name(s), social security number or tax identification number, residence, location of principal assets (if a business), the debtor's plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy
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.

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B1 (Official Form 1)(12/11) is the form used to file for bankruptcy under Chapter 7, 11, or 13 of the United States Bankruptcy Code. It serves as a petition to initiate the bankruptcy process.
Individuals or businesses seeking relief under the bankruptcy laws must file B1 (Official Form 1)(12/11). This includes debtors who wish to eliminate or reorganize their debt.
To fill out B1 (Official Form 1)(12/11), debtors must provide their personal information, including name, address, and Social Security number. They must also disclose information about their debts, assets, income, and expenses.
The purpose of B1 (Official Form 1)(12/11) is to formally initiate bankruptcy proceedings, allowing the court to assess the debtor's financial situation and determine eligibility for bankruptcy relief.
B1 (Official Form 1)(12/11) requires reporting of the debtor's name, address, Social Security number, information about their debts, assets, income, expenses, and any previous bankruptcy filings.
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