Chapter 7 of the U.S. Bankruptcy Code:
A) restores all the losses incurred by the borrower.
B) results in the loss of all the assets of the debtor.
C) requires the debtor to pay back the debt in the future.
D) is also referred to as "straight bankruptcy."
E) eliminates all of the financial obligations of the borrower.

Question

Quizplus · Accepted Answer

Chapter 7 of the U.S. Bankruptcy Code, also known as "straight bankruptcy," results in the loss of all the assets of the debtor. However, not all debts may be discharged through Chapter 7, such as taxes, child support, and student loans.