BANKCRUPTCY

Draft a letter for your firm's prospective clients, the Cashes, explaining to them what information they should bring to a first meeting with your supervising attorney to discuss their financial affairs.

Exercise 4.2

NEED TO Prepare a list of the first ten questions that you would ask the Cashes if you were conducting their initial client interview.

The first step in initiating any bankruptcy proceeding is to file a petition. If it is filed by the debtor, the petition is called a voluntary petition.1 If the petition is filed by the debtor's creditors (to place the debtor into bankruptcy), it is referred to as an involuntary petition.2 The debtor in an involuntary proceeding is known as an alleged debtor and is not generally considered to be bankrupt in a practical or legal sense until the court enters an order for relief.3 Generally speaking, each person or entity in bankruptcy must file their own separate bankruptcy petition. A married couple, however, may be joint debtors in either a voluntary or an involuntary proceeding.4 Other related debtors must have separate petitions filed by or against them, although the Federal Rules of Bankruptcy