involuntary case
involuntary case
Creditors of a debtor may petition the court to force the debtor into a bankruptcy proceeding. This may also be referred to as a creditors' petition. If the debtor has 12 or more creditors, the petition must be filed by three or more creditors whose claims total at least $12,300.
If the debtor has fewer than 12 creditors, a single creditor whose claim is at least $12,300 may petition the debtor into bankruptcy. After the filing of the petition, the debtor is given an opportunity to contest the filing. If the creditors are successful, an order for relief is entered and the case proceeds substantially like any other bankruptcy case. Creditors may choose to file an involuntary case under Chapter 7 or Chapter 11. (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.

involuntary case
Creditors of a debtor may petition the court to force the debtor into a bankruptcy proceeding. This may also be referred to as a creditors' petition. If the debtor has 12 or more creditors, the petition must be filed by three or more creditors whose claims total at least $12,300. If the debtor has fewer than 12 creditors, a single creditor whose claim is at least $12,300 may petition the debtor into bankruptcy. After the filing of the petition, the debtor is given an opportunity to contest the filing. If the creditors are successful, an order for relief is entered and the case proceeds substantially like any other bankruptcy case. Creditors may choose to file an involuntary case under Chapter 7 or Chapter 11.

US Bankruptcy 2012.


Glossary of Bankruptcy.

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