Which of the following statements about Chapter 7 liquidations is true?
A) The debtor must disclose all of the property she owns and surrender this bankruptcy estate to the bankruptcy trustee.
B) The trustee takes all of the debtor's property and administers,liquidates,and distributes it.
C) Only individuals can file under Chapter 7.
D) If the bankrupt person follows all court orders,she is usually given a discharge,regardless of whether she was honest in her business transactions or not.
Correct Answer:
Verified
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