In Chapter 7 bankruptcy, individuals can lose all of their non-exempt assets, as the bankruptcy trustee may sell these assets to pay off creditors. Therefore, the correct answer is Chapter 7. In contrast, Chapter 13 bankruptcy typically allows individuals to keep their assets while they repay debts over a specified period.
In which type of bankruptcy does the individual lose all of their assets?
chapter 7
chapter 13
both chapters 7 and 13
neither
1 answer