This form is a summons to the debtor in an involuntary bankruptcy case. A motion or answer must be filed within 20 days after the service of the summons.
Iowa Summons to Debtor in Involuntary Case - B 250E
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The primary requirement for a petition of involuntary bankruptcy is that creditors must demonstrate that a debtor has defaulted on repayments of debts. Involuntary petitions must be filed only by creditors who are owed, individually or in the aggregate, at least $16,750 in unsecured, undisputed debt.
An order for relief will be entered if the debtor does not contest the involuntary petition or, if the debtor contests the involuntary petition, an order for relief will be entered if (1) the court determines that the debtor is not paying its undisputed debts as they come due, or (2) a custodian (other than a trustee, ...
A creditor with a secured debt usually will not need to file an involuntary bankruptcy petition because they can simply take the asset.) Creditors must meet certain criteria before they may commence an involuntary bankruptcy action.
Voluntary bankruptcy is a bankruptcy proceeding that a debtor initiates because they cannot satisfy the debt. This type of bankruptcy is different than an involuntary bankruptcy, which is a process originating from creditors. Involuntary and technical are two other forms of bankruptcy.
Under such precedent, a petitioning creditor's claim ?is the subject of a bona fide dispute if 'there is a genuine issue of a material fact that bears upon the debtor's liability, or a meritorious contention as to the application of law to undisputed facts.