etition may be filed against a person who is insolvent and has
committed an act of bankruptcy within four months after such action.
Three or more creditors who have provable claims amounting to five
hundred dollars in excess of securities held against a debtor may file
the petition, or if all the creditors are less than twelve, then one
of them may file the petition provided the debtor owes him the above
stated amount. Creditors holding claims which are secured, or have
priority, must not be considered in determining the number of
creditors and the amount of claims for instituting involuntary
proceedings. The petition should state the names and residences of the
petitioning creditors, also that of the bankrupt, his principal place
of business, the nature of it, his act of bankruptcy, that it occurred
within four months of the filing of the petition, and that the amount
of the claims against him exceed five hundred dollars. The petition
must be signed and properly verified, and may be afterward amended for
cause in the interest of justice. On the filing of the petition a writ
of subpoena is issued addressed to the bankrupt commanding him to
appear before the court at the place and on the day mentioned to
answer the petition. The next step, after serving the petition, is for
the bankrupt to file his answer. Meanwhile his property may be seized
by a marshal or receiver on proof that he is neglecting it or that it
is deteriorating.

Within ten days after one has been judicially declared to be a
bankrupt, he must file in court a schedule of his property, including
a list of his creditors and the security held by them. Then follows
the first meeting of the bankrupt's creditors, within thirty days
after the adjudication. The judge or referee must be present at this
meeting, also the bankrupt if required by the court. Before proceeding
with other business the referee may allow or disallow the claims of
creditors presented at the meeting, and may publicly examine the
bankrupt, or he may be examined at the instance of any creditor. At
this meeting the creditors may elect a trustee.

Subsequent meetings may be held at any time and place by all the
creditors whose claims have been allowed by written consent: the
court also may call a meeting whenever one fourth of those who have
proved their claims file a written request to that effect.

Only a creditor who owns a demand or provable claim can vote at
creditors' meetings. Nor can