Proceedings

How Proceedings Begin (for an Individual)

 * 1) Debtor files petition and provides a sea of info in Schedules
 * 2) Lists creditors, their addresses and the amount that is owed to them
 * 3) Indicates all assets and lists those that are exempt (debtor keeps)
 * 4) Indicates income (calculated as of the six months prior to your filing)

Proceedings (for a Business)

 * 1) Provides a statement of Financial Affairs (where debtor is a business)
 * 2) Must swear it is all true
 * 3) When debtor bring petition to the bankruptcy court, it gets file stamped
 * 4) Petition is deemed to be an Order for Relief, and it triggers the “Automatic Stay”