To initiate a bankruptcy case, what is the first step?
A) creditors send notice via mail to debtors that they are initiating a suit.
B) The granting of an automatic stay
C) A filing of a petition
D) Creditors meet with the debtor to assess which party has priority in filings
E) Debts are discharged

Question

Quizplus · Accepted Answer

The first step in initiating a bankruptcy case is the filing of a petition with the bankruptcy court. This can be done by the debtor in a voluntary case or by creditors in an involuntary case.

To Initiate a Bankruptcy Case, What Is the First Step