Which of the Following Is a Requirement for an Involuntary

question 37

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 sign the petition if the debtor has 12 or more creditors.
• 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.

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Definitions:

Agricultural

Pertaining to farming or the cultivation of plants and animals to produce food, fiber, medicinal plants, and other products.

Industrial

Pertaining to the production of goods in factories through the use of machinery and labor.

Consumer Sectors

Divisions within an economy that consist of businesses and industries which produce goods and services specifically for personal and household consumption.

LULAC

The League of United Latin American Citizens, a Latino civil rights organization formed in 1929, focused on combating inequality and discrimination faced by Hispanics in the United States.