Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least

Question

Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least​

Quizplus · Accepted Answer

The question states that at least three creditors must join the petition, so the minimum number of unsecured claims would be 3. Therefore, the total unsecured claims must add up to at least $15,325 (which is one third of Larry's total creditors). Choices A and C are too low and Choice D is too high, making Choice B the best answer.

Larry Has Fifteen Creditors