The bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, under chapter 7, chapter 11, or chapter 13, to allow reorganization or refinancing under a plan to meet the debts of the party unable to meet his/her/its obligations. the petition is supposed to include a schedule of debts, assets and income potential. b) a hearing called “first meeting of creditors” with notice to all known creditors. this is often brief and usually results in the judge assigning the matter to a professional trustee. c) later the trustee reports and there is a determination of what debts are dischargeable, what assets are exempt, and what payments are possible. d) if there are assets available then the creditors are requested in writing to file a “creditor’s claim.” e) there may be other hearings, reports, proposals, hearings on claims of fraudulent debts, petitions for removing the stay on foreclosures and other matters. f) debts secured by property or by judgment lien are paid up to the amount of assets and funds available. g) the final step is a hearing on discharge of the bankrupt, which wipes out unsecured debts (or a pro rata share of them). under chapter 11 and 13 proceedings, the process will be more drawn out and can go on for years as plans are proposed, possibilities of refinancing are considered and, in effect, the debtor tries either to legitimately get out from under his/her/its financial woes or delay while current profits are made and prayers for economic salvation are made.