Problem

In a bankruptcy, which of the following statements is true?a.     An order for relief resu...

In a bankruptcy, which of the following statements is true?

a.     An order for relief results only from a voluntary petition.

b.     Creditors entering an involuntary petition must have debts totaling at least $20,000.

c.     Secured notes payable are considered liabilities with priority on a statement of affairs.

d.     A liquidation is referred to as a Chapter 7 bankruptcy, and a reorganization is referred to as a Chapter 11 bankruptcy.

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