The correct response is Chapter 13 bankruptcy. Under Chapter 13 bankruptcy, individuals may not have to pay off all their debts in full, as it allows for the restructuring of debts and a repayment plan over a period of time, typically three to five years. In contrast, Chapter 7 bankruptcy typically involves liquidating assets to pay creditors, and while some debts may be discharged, it generally does not involve a repayment plan that allows for partial payment of debts.
Under which process might you not have to pay off all your debts in full?(1 point)
Responses
neither Chapter 7 nor Chapter 13 bankruptcy
neither Chapter 7 nor Chapter 13 bankruptcy
Chapter 7 bankruptcy
Chapter 7 bankruptcy
both Chapter 7 and Chapter 13 bankruptcy
both Chapter 7 and Chapter 13 bankruptcy
Chapter 13 bankruptcy
Chapter 13 bankruptcy
1 answer