Compared to Chapter 7 and 11 plans, a Chapter 13 plan
A)permits creditors to force a debtor into involuntary bankruptcy.
B)allows a debtor to retain possession of his or her assets.
C)is more expensive and more complicated.
D)permits any interested party to file a repayment plan.

Question

Quizplus · Accepted Answer

Chapter 13 bankruptcy allows debtors to keep their property and pay debts over time, usually three to five years, unlike Chapter 7, which involves liquidating assets to pay creditors, and Chapter 11, which is more complex and typically used by businesses.

Compared to Chapter 7 and 11 Plans, a Chapter 13