Bankruptcy Petition
/ˈbæŋkrʌptsi pəˈtɪʃən/
Definitions
- (n.) A formal written request filed by a debtor or creditor to initiate bankruptcy proceedings in a court of law.
The debtor submitted a bankruptcy petition to seek relief from overwhelming debts.
Forms
- bankruptcy petition
- bankruptcy petitions
Related terms
See also
Commentary
Bankruptcy petitions must comply with procedural requirements and include detailed financial information; precision in drafting is critical to avoid dismissal.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.