The commencement of a bankruptcy case may be voluntary or involuntary.

The debtor must be insolvent if the bankruptcy petition was filed voluntarily.

A trustee must always be appointed.

A reorganization plan may be filed by a creditor any time after the petition date.

$75,000

$1,300

$76,300

$0

Confirmation of the reorganization plan by the court.

The filing of a reorganization plan.

Liquidation of the debtor.

Opportunity for each class of claims to accept the reorganization plan.

At least one fully secured creditor must join the petition.

The debtor must owe one creditor more than $5,000.

The debtor has not been paying its bona fide debits as they become due.

There must not be more than 12 creditors.

Will receive a discharge of any and all debts owed

May obtain another voluntary discharge in bankruptcy under Ch 7 after five years have elapsed from the date of the prior filing

Is precluded from owning or operating a similar business for two years

Must surrender for distribution to the creditors any amount received as an inheritance if received within 180 days after filing the petition

Proceeds from a life insurance policy received 90 days after the petition was filed

Wages earned by the debtor after the petition was filed

Property from a divorce settlement received 365 days after the petition was filed

An inheritance received 270 days after the petition was filed