Chapter 7 Voluntary Bankruptcy Petitions Flashcards Preview

A Wiley Review Notes REG > Chapter 7 Voluntary Bankruptcy Petitions > Flashcards

Flashcards in Chapter 7 Voluntary Bankruptcy Petitions Deck (5)
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1
Q

Voluntary petition

A

is a formal request by the debtor for relief

2
Q

A Debtor may file a voluntary petition

A

without showing that they are insolvent.

They just need to show that there are debts and has income below the state’s median line

3
Q

When order for relief is given to the debtor

A

actions to collect money is halted

Secured creditors will go after collateral

4
Q

Who may not file a voluntary petition

A

Insurance Companies
Banks
Savings and Loans
Railroads

5
Q

What is the minimum amount of creditors required to file

A

there is no miminum

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