Asked by Brenna Wooldridge on Apr 23, 2024
Verified
Eric's creditors force him into bankruptcy proceedings. Eric's bankruptcy is a(n) ______ bankruptcy.
A) voluntary
B) creditor's
C) involuntary
D) forced
Involuntary Bankruptcy
A legal process initiated by creditors seeking to have a debtor declared bankrupt by a court to enforce the liquidation or reorganization of the debtor's assets.
- Comprehend the legal ramifications of choosing between involuntary and voluntary bankruptcy and the qualifications necessary for each.
Verified Answer
DP
Deysi Perez7 days ago
Final Answer :
C
Explanation :
Eric's bankruptcy is classified as "involuntary" because it is initiated by his creditors, not by Eric himself.
Learning Objectives
- Comprehend the legal ramifications of choosing between involuntary and voluntary bankruptcy and the qualifications necessary for each.
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