The Administrative Office of the U.S. Courts reported that of the 61,148 business bankruptcy filings for the 12 months ended March 31, 2010, 42,346, or about 69 percent, were filed under Chapter 7 of the bankruptcy act. Chapter 7 liquidations are cheaper and faster than Chapter 11 reorganizations. A Chapter 7 liquidations case begins voluntarily when a debtor corporation files a petition with the bankruptcy court, or involuntarily through filing by three or more entities holding no contingent, unsecured claims totaling at least $14,425.