Where debts exceed $1,000,an insolvent person is upon petition of creditors,a bankrupt person.

Question

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This statement is true according to bankruptcy laws in many countries, including the United States. When a person is unable to pay their debts and their debts exceed a certain threshold (such as $1,000), creditors can petition the court to declare the person bankrupt. The exact threshold and requirements may vary depending on the jurisdiction.

Where Debts Exceed $1,000,an Insolvent Person Is Upon Petition of Creditors,a