Bob owns a business and lately, business has been slow. However, when business was doing well, he paid off two of his cars and his motorcycle. Bob is considering filing for bankruptcy.
A) Bob cannot file Chapter 13 since it applies to individuals, not businesses.
B) Bob can file for Chapter 13 personally, even though he owns a business.
C) Bob cannot file for Chapter 7 because he owns assets that are free and clear.
D) Bob should file for Chapter 11 for both him and the business.
Correct Answer:
Verified
Q6: The length of a Chapter 13 plan
Q7: A Chapter 13 lasts _.
A) until the
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Q9: Due to a decline in housing sales,
Q10: A wage earner's plan is the term
Q12: Maria owes $225,000 in a first mortgage
Q13: What are the time restrictions to file
Q14: The plan should be filed in a
Q15: In a Chapter 13, credit counseling and
Q16: The debtor has an outstanding car loan
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