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This document is a voluntary petition filed by Village Air & Electric, Inc. in the United States Bankruptcy Court, detailing the corporation's financial situation, assets, liabilities, and information
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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 a standardized form used in the United States bankruptcy process to initiate a bankruptcy case. It provides basic information about the debtor and the nature of their debts.
Any individual or business entity seeking to declare bankruptcy in the United States is required to file B1 (Official Form 1)(12/11) as part of their bankruptcy petition.
To fill out B1 (Official Form 1)(12/11), the debtor must provide personal information such as their name, address, and social security number, as well as information about their debts, income, and assets. Accurate and complete information is crucial.
The purpose of B1 (Official Form 1)(12/11) is to formally notify the bankruptcy court of the debtor's intent to file for bankruptcy, and to provide the court with essential information about the debtor's financial situation.
B1 (Official Form 1)(12/11) requires the reporting of the debtor's name, address, social security number or tax ID, a list of creditors, the nature of the debts, income details, and information about any property owned by the debtor.
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