Which of the following statements is true about Chapter 7 of the Bankruptcy Code?
A) Only voluntary petitions are allowed.
B) A debtor with at least 12 creditors may be subject to involuntary proceedings if 3 or more of those creditors hold noncontingent, unsecured claims of $12,000 or more.
C) A debtor with fewer than 12 creditors may be subject to involuntary proceedings if 1 or more of those creditors holds noncontingent, unsecured claims of $10,000 or more.
D) The requirements for involuntary proceedings are identical to those for Chapter 13.
Correct Answer:
Verified
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