Which of the following is true of the bankruptcy procedure?
A) A driven petition is a petition filed by a debtor that states that he or she has debts.
B) A debtor must receive prepetition credit counseling within 180 days prior to filing his or her petition for bankruptcy.
C) A voluntary petition is filed by creditors of a debtor, alleging that the debtor is not paying his or her debts as they become due.
D) A complaint is a document filed with a bankruptcy court that starts a bankruptcy proceeding.

Question

Quizplus · Accepted Answer

It is true that a debtor must receive prepetition credit counseling within 180 days prior to filing his or her petition for bankruptcy. This requirement is part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Option A is incorrect because a debtor file a voluntary petition, not a driven petition. Option C is incorrect because a voluntary petition is filed by the debtor, not creditors. Option D is incorrect because a complaint is not the document that starts bankruptcy proceedings; that is done through the filing of a petition.

Which of the Following Is True of the Bankruptcy Procedure