Under which form of personal bankruptcy are all existing debts wiped out?
A)Chapter 7.
B)Chapter 13.
C)Chapter 14.
D)All of the above.
E)None of the above.

Question

Quizplus · Accepted Answer

Chapter 7 bankruptcy, also known as "liquidation bankruptcy," is the form of bankruptcy where all existing debts are wiped out. This is the most common type of personal bankruptcy filing. Chapter 13 bankruptcy, on the other hand, involves a repayment plan over three to five years, and not all debts may be discharged. Chapter 14 does not exist as a recognized form of bankruptcy.

Under Which Form of Personal Bankruptcy Are All Existing Debts