Bankruptcy and Insolvency R07-05B

List some key elements of Chapter 7 bankruptcy.

1. Either voluntary or involuntary petition.
2. Applies to individuals and businesses.
3. Trustee is appointed.
4. If more than 12 creditors, 3 or more required to file.
5. If less than 12 creditors, 1 or more required to file.
6. There is an annually adjusted total debt requirement.