9:02
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
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LSDefine
Simple English definitions for legal terms
petition in bankruptcy
Read a random definition: standstill agreement
A quick definition of petition in bankruptcy:
A petition in bankruptcy is a written request that is presented to a bankruptcy court. It is used to seek protection for someone who cannot pay their debts. This request can be made by the person who owes the money or by their creditors. It starts a legal process that helps to resolve the financial problems of the person who owes the money.
A more thorough explanation:
Definition: A petition in bankruptcy is a formal written request that is presented to a bankruptcy court. This request seeks protection for a debtor who is unable to pay their debts. The petition can be filed by the debtor themselves (in a voluntary bankruptcy) or by the debtor's creditors (in an involuntary bankruptcy). The purpose of the petition is to initiate a bankruptcy proceeding.
Example 1: John is a small business owner who has been struggling to pay his bills. He decides to file for bankruptcy and submits a petition to the bankruptcy court. This is an example of a voluntary petition in bankruptcy.
Example 2: Mary is a creditor of a company that owes her money. The company has not paid her back, and she decides to take legal action. She files a petition in bankruptcy on behalf of the company, which is an example of an involuntary petition in bankruptcy.
Both examples illustrate the definition of a petition in bankruptcy. In the first example, John is seeking protection for himself as a debtor. In the second example, Mary is seeking protection for herself as a creditor. In both cases, the petition is a formal request that initiates a bankruptcy proceeding.