Section 2.26 Voluntary and Involuntary Petitions

• Library: Bankruptcy Practice (2007 Ed. + 2015 Cum Supp)

1. (§2.26) Voluntary and Involuntary Petitions

A bankruptcy case is commenced with the filing of a petition.
11 U.S.C. §§ 301 and 303. The filing of the petition invokes the automatic stay of 11 U.S.C. § 362(a) and other provisions of the Bankruptcy Code, 11 U.S.C. §§ 101 et seq. Section 362.

A voluntary petition may be filed under Chapter 7, 9, 11, 12, or 13 of the Bankruptcy Code by an entity who is authorized to be a debtor under one of the chapters. An involuntary petition may be filed under Chapter 7 or Chapter 11, by one or more creditors, in accordance with § 303 of the Bankruptcy Code. The requirements and restrictions on who may be a debtor and who may file a bankruptcy petition are found in 11 U.S.C. § 109 and Federal Rule of Bankruptcy Procedure 7017. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Pub. L. No. 109-8, 119 Stat. 23 (the 2005 Amendments), with certain exceptions, an individual may not file a voluntary petition under Title 11 unless, during the 180-day period preceding the petition date, the individual received from an approved nonprofit budget and counseling agency a briefing and assistance in preparing a budget analysis.

A voluntary petition is filed on official Form B1. An involuntary petition is filed on...