Which of the Following Is a Requirement for an Involuntary

question 45

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.

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Definitions:

Home Games

In the context of business and finance, this term does not have a specific definition and might not be relevant. If it refers to games played at a team's own facilities, it's more commonly associated with sports than business or accounting.

Payroll Taxes Expense

The cost incurred by employers for taxes associated with employee salaries, such as Social Security and Medicare taxes.

FICA Social Security Taxes

Taxes collected under the Federal Insurance Contributions Act that fund Social Security and Medicare programs.

FICA Medicare

The portion of the U.S. Federal Insurance Contributions Act tax that funds Medicare, providing health insurance to individuals over 65 and some younger with disabilities.