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WARRIOR [948]
3 years ago
7

A Chapter 7 bankruptcy proceeding is formally commenced by the _____.

Business
1 answer:
leonid [27]3 years ago
3 0

Answer:

filing a petition

Explanation:

A petition is a formally written request by an individual or group of persons to an authority concerning a certain issue.

In the case of bankruptcy, a petition has to be written before it can be proceeded on by appropriate authorities. In chapter 7 bankruptcy, assets are usually turned over by the court to a person or firm of the courts choice to manage and see about paying back creditors.

I hope this helps.

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