In a Chapter 7 bankruptcy, the debtor:
A) is required to draw up a petition listing all assets and liabilities.
B) does not have to pay a filing fee.
C) is called a "bankrupt."
D) is absolved of alimony and child support payments.
E) does not have to repay educational loans.

Question

Quizplus · Accepted Answer

In a Chapter 7 bankruptcy, the debtor is required to draw up a petition listing all assets and liabilities. This petition is then used to determine which assets can be liquidated to pay off creditors.

In a Chapter 7 Bankruptcy, the Debtor