Which of the following is true of Chapter 7 liquidation?
A)The debtor is not permitted to keep any of his or her assets.
B)The 2005 bankruptcy act has eased the process of applying for Chapter 7 bankruptcy.
C)The debtor's future income cannot be reached to pay the discharged debt.
D)Petitioning for Chapter 7 liquidation does not permit the debtor to petition for bankruptcy under any other chapter.

Question

Quizplus · Accepted Answer

In Chapter 7 liquidation, the debtor's future income is not used to pay off discharged debts, as the focus is on liquidating current assets.

Which of the Following Is True of Chapter 7 Liquidation