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The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case. (There are official forms for bankruptcy petitions.)

Consequences of a bankruptcy petition being presented Other creditors may become aware and your bank account could be frozen. Any transaction that you enter into will be void unless approved by the trustee in bankruptcy or the court. This could have severe implications on your business or sale of a property or asset.

In most cases, a Chapter 7 bankruptcy can stay on your credit reports for up to 10 years from the date you file bankruptcy. Once the 10-year period ends, the bankruptcy should fall off your credit reports automatically.

Filing a petition under chapter 7 "automatically stays" (stops) most collection actions against the debtor or the debtor's property. 11 U.S.C. § 362. But filing the petition does not stay certain types of actions listed under 11 U.S.C. § 362(b), and the stay may be effective only for a short time in some situations.

To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."

Bankruptcy proceedings constitute winding-up of a debtor's financial affairs. Winding-up means that the trustee will sell the debtor's assets, such as stocks, operating equipment, fixed assets, cars, properties or similar assets of a financial value.