Answered

Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Connect with a community of experts ready to help you find solutions to your questions quickly and accurately. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

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

Sagot :

GinnyAnswer

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


Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.