Baby Day Care, a sole proprietorship, has $150,000 in debt and wants to pay as many of its obligations as reasonably possible. It wishes to be discharged of any remaining debt it cannot pay. To accomplish this goal, the proprietorship should file a petition in bankruptcy under Chapter 13 for relief through

Question

Quizplus · Accepted Answer

Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time, allowing the business to manage its obligations and potentially discharge remaining debts after the plan is completed.

Baby Day Care, a Sole Proprietorship, Has $150,000 in Debt