Which process leaves you with no debt when it is over?(1 point)

Responses

Chapter 13 bankruptcy
Chapter 13 bankruptcy

Chapter 7 bankruptcy
Chapter 7 bankruptcy

neither Chapter 7 nor Chapter 13 bankruptcy
neither Chapter 7 nor Chapter 13 bankruptcy

both Chapter 7 and Chapter 13 bankruptcy

1 answer

Chapter 7 bankruptcy typically leaves you with no debt when it is over, as it involves the liquidation of your non-exempt assets to pay off creditors. Most unsecured debts are discharged after the process is completed.

Chapter 13 bankruptcy, on the other hand, involves a repayment plan where you make payments over three to five years, resulting in remaining debts being discharged only after completing the plan.

So, the correct response would be Chapter 7 bankruptcy.