To adjust debt and institute a repayment plan, Sven-who is not a corpo?ration, a partnership, or a family farmer or fisherman-may file a peti?tion in bankruptcy under the Bankruptcy Code's Chapter

Question

Quizplus · Accepted Answer

Chapter 13 of the Bankruptcy Code is designed for individuals who have a regular income but are facing financial difficulties. This chapter allows individuals like Sven to restructure their debts and create a repayment plan that they can realistically afford. Chapter 7 and 11 bankruptcy are generally for businesses, and chapter 12 is specifically for family farmers and fishermen.

To Adjust Debt and Institute a Repayment Plan, Sven-Who Is