Which of the following is a requirement for an involuntary Chapter 7 bankruptcy petition?
A) The debtor must owe at least $150,000 in unsecured claims to the creditors who file.
B) The debtor must have at least three creditors join in the petition if the debtor has 12 or more creditors. If the debtor has fewer than 12 creditors, any single creditor or group can file a petition.
C) The creditors must have tried to help the debtor overcome the financial difficulties.
D) The debtor must have a majority of the creditors file the petition.
Correct Answer:
Verified
Q24: Forever Yours,Inc.has a secured and perfected security
Q29: Which of the following cannot file a
Q31: Grand Lighting Co.has filed a petition for
Q32: Kathleen filed for voluntary bankruptcy and the
Q33: Kylie filed a Chapter 7 bankruptcy petition
Q34: Ramona has received a discharge in bankruptcy,but
Q35: The correct order of payment of claims
Q35: Which of the following actions would prevent
Q36: The bankruptcy designed for family farmers is:
A)
Q38: Creditors of Northern Hydraulics file an involuntary
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents