fred has heard rumblings from some creditors about forcing friendly foam into bankruptcy before he is ready just so they can get paid more quickly. he asks you whether this is just bluster or an action the creditors can actually take. how should you respond?

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21-10-2022
Business

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fred has heard rumblings from some creditors about forcing friendly foam into bankruptcy before he is ready just so they can get paid more quickly. he asks you whether this is just bluster or an action the creditors can actually take. how should you respond?

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-30T03:24:52-04:00

Yes, it is true that creditors can file petitions, and these are allowed under bankruptcy chapter. So, what Fred heard is true.

A creditor is an individual or organization that offers other party money to borrow money, often through a loan arrangement or agreement. Creditors are frequently divided into personal and actual categories.

People who lend money to their friends, families, or a business that beneficial for a variety service or supplies to a business or individual but permits a delays and cost overruns may be regarded as private creditors.

Real creditors are bankers or financial businesses with contractual arrangements and loan commitments that grant the lender the power to seize any of the borrower's tangible goods or security if person fails to repay the loan.

Learn more about creditors here:

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