Petition for Voluntary Insolvency

An insolvent debtor, owing debts exceeding in amount the sum of One Thousand Dollars ($1,000.00), may apply to be discharged from his debts and liabilities by petition to the Superior Court, Guam. In his petition he shall set forth his place of residence, the period of his residence therein immediately prior to filing said petition, his inability to pay all his debts in full, his willingness to surrender all his property, estate, and effects not exempt from execution for the benefit of his creditors, and an application to be adjudged an insolvent. He shall annex to his petition a schedule and COL120106 CH. 50 INSOLVENCY LAW inventory in the form hereinafter provided. The filing of such petition shall be an act of insolvency.