Chapter 7 of the bankruptcy code:
A)restores all the losses incurred by the borrower.
B)results in the loss of all of one's assets.
C)requires the debtor to pay back the debt in the future.
D)sells only the home of the borrower.
E)eliminates most of the financial obligations of the borrower.

Question

Quizplus · Accepted Answer

Chapter 7 bankruptcy, also known as liquidation bankruptcy, eliminates most of the debtor's financial obligations, but it does not restore losses, guarantee the loss of all assets, require future debt repayment, or solely involve selling the borrower's home.

Chapter 7 of the Bankruptcy Code