What is the primary requirement for an individual to file for Chapter 7 bankruptcy?
Understanding the Requirements for Voluntary and Involuntary Bankruptcy Filing

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Passing a means test
Owning a business
Having no debts
Having a job
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of bankruptcy requires individuals to have recurring income and limits on secured and unsecured debts?
Chapter 9
Chapter 7
Chapter 11
Chapter 13
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the means test in Chapter 7 bankruptcy?
To assess the debtor's income against the state's median
To determine the debtor's total assets
To evaluate the debtor's employment status
To calculate the debtor's total debts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key requirement for a business to file for reorganization bankruptcy?
No unsecured debts
No secured debts
Feasibility of the reorganization plan
Approval from all creditors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of involuntary bankruptcy, how many creditors must have a combined claim to force a debtor into bankruptcy?
Three
Two
Four
One
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the minimum combined claim amount required by creditors to initiate an involuntary bankruptcy?
$15,325
$10,000
$20,000
$25,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can happen if a creditor files a bad faith claim against a debtor in bankruptcy?
The debtor is automatically discharged
The creditor may face fines and court costs
The case is dismissed
The debtor must pay additional fees
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