A debtor in a Chapter 7 bankruptcy does not have to be ________, but must be able to show the court that he owes money to someone.
A) insolvent
B) unable to pay
C) employed
D) a homeowner with assets
E) homeless

Question

Quizplus · Accepted Answer

In Chapter 7 bankruptcy, a debtor does not have to be insolvent, meaning they do not need to have liabilities exceeding their assets. They simply need to demonstrate that they owe money to creditors.

A Debtor in a Chapter 7 Bankruptcy Does Not Have