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True of involuntary liquidation petition

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Reference no: EM131636079

Which of the following is true of involuntary liquidation petition?

Farmers, ranchers, and nonprofit organizations are examples of debtors that can be forced into liquidation.

Debtors that are eligible to voluntarily file for Chapter 7 bankruptcy cannot be forced into bankruptcy.

If a debtor has fewer than 12 creditors, the debtor cannot file for involuntary bankruptcy until a creditor has a claim of $10,000.

A debtor with 12 or more creditors, 3 or more creditors with unsecured claim of $14,425 must sign the petition for involuntary bankruptcy.

Reference no: EM131636079

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