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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.

Sagot :

The phrases that best summarizes Chapter 7 bankruptcy include option C: Reorganize debt and keep property.

What is the term Bankruptcy about?

Bankruptcy is defined as legal agreement under which a person or a company unable to pay back their debt amounts.

Selling off the assets and liquidating them gives them cash on hand to pay off when it needed.

Chapter 7 defines the reorganize the debt amount and keep the property saved.

Therefore, correct option is C.

Learn more about Bankruptcy, refer to the link:

https://brainly.com/question/1142634.

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Answer:

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 <<<correct

d.   reorganize debt and liquidate assets

Explanation:

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