Personal insolvency can be legally satisfied by:
A)not taking any credit in the future.
B)relinquishing all credit cards.
C)canceling loans availed so far.
D)Chapter 4 of the bankruptcy code.
E)Chapter 13 of the bankruptcy code.

Question

Quizplus · Accepted Answer

Chapter 13 of the bankruptcy code allows individuals to reorganize their debts and come up with a payment plan to pay off their creditors over a period of time, usually three to five years. This allows individuals to keep their property and avoid liquidation, while still satisfying their debts. The other options listed (A, B, C, and D) do not legally satisfy personal insolvency.

Personal Insolvency Can Be Legally Satisfied By