Multiple Choice
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
Correct Answer:
Verified
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