Question

Which of the following phrases best summarizes Chapter 13 bankruptcy? a. discharge debt and keep property b. discharge debt and liquidate assets c. reorganize debt and keep property d. reorganize debt and liquidate assets

Answer 1

Answer:

c on edge

Step-by-step explanation:

Answer 2

The option that best summarizes bankruptcy is; C: reorganize debt and keep property

What is bankruptcy?

Bankruptcy is simply defined as a legal proceeding involving a person or business that is unable to repay their outstanding debts.

Now, this question is taken from chapter 13 of the US Courts policy on filing bankruptcy. The chapter 13 of the Bankruptcy Code is one that provides for adjustment of debts of an individual with regular income and this allows a debtor to keep property and pay debts over time, usually three to five years.

Thus, option C is the correct option.

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