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madmadmad madmadmad
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6 years ago
A voluntary petition filed under the liquidation provisions of Chapter 7 of the federal Bankruptcy Code:
 a. Is not available to a corporation unless it has previously filed a petition under the reorganization provisions of Chapter 11 of the federal Bankruptcy Code.
  b. Automatically stays collection actions against the debtor except by secured creditors for collateral only.
  c. Will be dismissed unless the debtor has 12 or more unsecured creditors whose claims total at least 15,325.
  d. Does not require the debtor to show that the debtor's liabilities exceed the fair market value of assets.
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freememberfreemember
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6 years ago
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madmadmad Author
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6 years ago
Thank you, thank you, thank you!
Marcie D
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Yesterday
Helped a lot
nicolepope23
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2 hours ago
Smart ... Thanks!
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