solomonclemens solomonclemens

13-07-2024
Law

Answered

Chapter 7 bankruptcy allows the selling of all nonexempt assets and the distribution of the proceeds to the debtor's creditors.

A. True
B. False

Answer :

GinnyAnswer GinnyAnswer

13-07-2024

Final answer:

Chapter 7 bankruptcy involves the selling of nonexempt assets to repay creditors, commonly used in the US for debt relief strategies.

Explanation:

Chapter 7 bankruptcy involves the selling of nonexempt assets to distribute proceeds to creditors. This process is mainly for individuals or businesses seeking relief from debt liabilities.

For example, if a person or company files for Chapter 7 bankruptcy, the court may sell off their nonexempt assets such as property or vehicles to repay creditors.

American Bankruptcy Institute tracks bankruptcies in the US, with Chapter 7 being one of the common forms used for debt relief strategies.

Learn more about Chapter 7 bankruptcy here:

https://brainly.com/question/28919775

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