Asked by Nichole Stone on May 05, 2024
Verified
Chapter 13 bankruptcy petitions may be either voluntary or involuntary.
Chapter 13 Bankruptcy
A type of bankruptcy that allows individuals to undergo a financial reorganization supervised by a federal court, enabling them to repay their debts over a set period.
Voluntary
Done, given, or acting of one's own free will without coercion or obligation.
Involuntary
Actions or reactions that occur without conscious choice, often used in legal contexts to describe commitments or actions not made of an individual's free will.
- Develop insight into the foundational components of several bankruptcy chapters, including Chapter 7, Chapter 13, and Chapter 12, paying special attention to their individual characteristics and requisites.
Verified Answer
AT
Anthony TuggleMay 11, 2024
Final Answer :
False
Explanation :
Chapter 13 proceedings are initiated only by the voluntary petition of a debtor filed in the Bankruptcy Court.
Learning Objectives
- Develop insight into the foundational components of several bankruptcy chapters, including Chapter 7, Chapter 13, and Chapter 12, paying special attention to their individual characteristics and requisites.