District of Columbia Voluntary Petition for Non-Individuals Filing for Bankruptcy
Description
How to fill out Voluntary Petition For Non-Individuals Filing For Bankruptcy?
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FAQ
(a) Notwithstanding any other provision of this section, only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title.
Debtors are individuals or businesses that owe money, whether to banks or other individuals. Debtors are often called borrowers if the money owed is to a bank or financial institution, however, they are called issuers if the debt is in the form of securities.
For example, 'A' borrows money from the Bank. A is the debtor, and Bank is the Creditor. But, if 'A' deposits money in the Bank, then, A is the Creditor, and Bank is here debtor. Short-Term debtor When the debt is provided for a short term (less than a year), the debtor is termed as short term.
To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity.