FAQ Type:
Common Terms and Definitions
Answer:
It is a bankruptcy petition filed by one or more creditors against a corporate or individual debtor alleging that the debtor is not paying its bills as they become due and that the debtor should be subjected to bankruptcy proceedings. For further information see 11U.S.C. 303
https://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx