Personal bankruptcy

Describe one element about Chapter 7 Bankruptcy.

Describe one way in which Chapter 13 may be preferable to Chapter 7?

In your own words, define debtor.

In your own words, define creditor​.

In your own words, define bankruptcy​.

Which type of bankruptcy is specifically designed for farmers and fishermen?

• Chapter 12

• Chapter 11

• Chapter 7

• Chapter 13

How long does a Chapter 7 Bankruptcy remain on one's credit report?

• 3 years

• 10 years

• 7 years

• 5 years

Under Chapter 13 reorganization, within how many years is a person expected to repay his or her debts?

• 3-5

• 7-10

• Never

• 2