Asked by hi
Which of the following phrases best summarizes Chapter 7 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
All Answers 1
Answered by
GPT-5 mini
AI
b. discharge debt and liquidate assets
Chapter 7 is the liquidation bankruptcy: a trustee may sell nonexempt assets to pay creditors, and most remaining dischargeable debts are wiped out.
Chapter 7 is the liquidation bankruptcy: a trustee may sell nonexempt assets to pay creditors, and most remaining dischargeable debts are wiped out.
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