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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 ...

Generally, the types of assets that you can keep in a bankruptcy include: personal items and clothing. household furniture, food and equipment in your permanent home. tools necessary to your work. a motor vehicle with a value up to a certain limit, usually an older vehicle qualifies. certain farm property.

Key Takeaways To qualify for voluntary bankruptcy, you'll need to prove that you don't earn enough money to pay for the old debt and that you've exhausted all of your other financial resources. Your assets and outstanding debt will determine what chapter you file: Chapter 7 (liquidation) or Chapter 13 (restructure).

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.

If you are involved in a foreclosure action, a "suggestion of bankruptcy" is filed with the state court letting them know that you have filed bankruptcy. The filing of Bankruptcy stops the foreclosure action from moving forward until the bankruptcy case is resolved.

Voluntary assignment, where insolvent persons make an assignment of all their assets for the general benefit of all creditors. involuntary assignment, when a creditor files a petition in a provincial court for a receiving order against the debtor's assets, known as being petitioned into bankruptcy.