Flashcards: Bankruptcy Relief for Business & Individuals

Which of the following requirements must be met for creditors to file an involuntary bankruptcy petition under Chapter 7 of the federal Bankruptcy Code?

At least one fully secured creditor must join the petition.

The debtor has not been paying its bona fide debits as they become due.

There must not be more than 12 creditors.

The debtor must owe one creditor more than $5,000.

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