6.04 Bankruptcy Law

Front

Chapter 7 is for people seeking to discharge unsecured debts quickly. The downside is that assets must potentially be liquidated.

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True

Front

Bankruptcy allows for a fresh start and makes it easier to obtain new credit

Back

False

Front

This type of bankruptcy requires a low income level, otherwise the debtor may be required to file under a different chapter

Back

Chapter 7

Front

This bankruptcy type requires a court approved repayment plan and allows for a repayment period of 3 to 5 years.

Back

Chapter 13

Front

This bankruptcy type requires a repayment plan to pay off debts and relies on income to repay the debts. Select all that apply: Chapter 13, Chapter 11, Chapter 7, Chapter 12

Back

Chapter 12

Front

This bankruptcy filing is open to eligible farmers and fishermen only.

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Chapter 12