Asked by Olivia Egede on Jun 04, 2024

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In addition to financial statements, each voluntary petition in bankruptcy must include

A) a plan outlining how debt payments will be made.
B) a certificate proving the receipt of credit counseling.
C) a creditors' agreement allowing the debtor to continue in business.
D) a statement of preference for one creditor over another.

Voluntary Petition

A legal document filed by an individual or business entity requesting to declare bankruptcy under their own will.

Financial Statements

Official records that outline the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.

Credit Counseling

A service provided to individuals to help them manage their debt, improve their financial situation, and offer advice on budgeting and credit management.

  • Acknowledge the necessary qualifications and significant procedural steps involved in the bankruptcy filing process under various chapters.
  • Perceive the effects of disregarding bankruptcy legislation on the debtor's liberation and the outcome of the case.
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AU
Asmat UllahJun 09, 2024
Final Answer :
B
Explanation :
A certificate proving the receipt of credit counseling is required as part of the documentation for a voluntary petition in bankruptcy. This is to ensure that the debtor has received professional advice on handling their financial situation before resorting to bankruptcy.