Examlex
Which of the following statements about market economies is correct?
Involuntary Bankruptcy
A legal process initiated by creditors to force a debtor into bankruptcy when they believe the debtor is unable to pay their debts.
Petition
A formal written request, often signed by many people, appealing to authority with respect to a particular cause or concern.
Debtor
An individual or organization that owes money to another entity.
Chapter 7
Chapter 7 refers to a chapter of the U.S. Bankruptcy Code that provides for the liquidation of a debtor's non-exempt assets to pay off creditors.
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