In a bankruptcy proceeding against an individual,the individual's property can be liquidated under Chapter 7 of the bankruptcy law.

Question

Quizplus · Accepted Answer

In a bankruptcy proceeding against an individual, the individual's property either will be liquidated under Chapter 7 of the bankruptcy law and the debts discharged, or the debts will be adjusted under Chapter 13. Under Chapter 13, individuals who have secured debts of less than $1,081,400 and unsecured debts of less than $360,475 can have their debts adjusted by the court for repayment.

In a Bankruptcy Proceeding Against an Individual,the Individual's Property Can