Bankruptcy from the Creditor's Viewpoint

Have you or your organization ever received a notice from the federal district court stating that there will be a creditor's meeting concerning Company XYZ's bankruptcy? While bankruptcy can be voluntary, creditors can also press a company into involuntary bankruptcy. If there are more than twelve creditors, three or more must file the petition. Otherwise, a single creditor can file. The outstanding debt must be at least $5,000.