Chapter 7 Bankruptcy Single Question
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Which of the following must be stated in a Chapter 7 bankruptcy petition?
a. for both voluntary and involuntary petitions, that debts exceed assets
b. for voluntary petitions, that the debtor has debts, and for involuntary petitions, that the debtor is not paying debts as they come due
c. for voluntary petitions, that debts exceed assets, and for involuntary petitions that the debtor is not paying debts as they come due
d. for voluntary petitions, that the debtor is not paying debts as they come due, and for involuntary petitions, that the debtor has debts
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Solution provided along with discussion on voluntary and involuntary petitions.
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The correct response is B. You can voluntarily file for Chapter 7 bankruptcy protection if you have debts. You can be forced in to involuntary bankruptcy if you have debts and they are not being paid.
1. Voluntary Bankruptcy
1. The Debtor Files a Petition with the Court
The petition includes schedules (lists) of (1) creditors and the debt to each, (2) the debtor's financial affairs, (3) the debtor's ...
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