Describe the procedure for filing a bankruptcy petition
What will be an ideal response?
1. Voluntary petition—A voluntary petition is a petition filed by the debtor. A voluntary petition can be filed by the debtor in Chapter 7 (liquidation), Chapter 11 (reorganization), Chapter 12 (family farmer or fisherman), and Chapter 13 (adjustment of debts) bankruptcy cases. The petition has to state that the debtor has debts.
2. Involuntary petition—An involuntary petition is a petition that is filed by a creditor or creditors and places the debtor into bankruptcy. An involuntary petition can be filed in Chapter 7 (liquidation) and Chapter 11 (reorganization) cases; an involuntary petition cannot be filed in Chapter 12 (family farmer or fisherman) or Chapter 13 (adjustment of debts) cases.
You might also like to view...
Which of the following statements regarding software acquisition (purchase vs. in-house development) is false?
a. software developed in house can cost 10 times more than purchased software b. when a suitable software package is available for purchase, it is better to buy it rather than try to reinvent it in-house c. the annual maintenance of in-house software is typically 25% of the development cost, whereas the annual maintenance of purchased software is typically 50% of the purchase price d. none of the statements are false
For an employee with the ________ career anchor, flexibility is of primary importance.
A) Lifestyle B) Autonomy C) Entrepreneurial creativity D) Pure challenge
Which way of expressing this name is NOT correct?
a. Dr. Susan Volz, M.D. b. Dr. Susan Volz c. Susan Volz, M.D.
A public relations audit is used to assess an organization's image among its publics or to evaluate the effect of a specific public relations program.
Answer the following statement true (T) or false (F)