Bankruptcy Flashcards
1
Q
Liquidation type of bankruptcy procedure. Eliminates consumer debt.
Not Forgiven Items:
child support, alimony, income taxes, student loans, secured debt.
A
Chapter 7
2
Q
Wage Earner Plan. Allows debtors to keep personal assets, but obligated to repay debt in full over a period
A
Chapter 13
3
Q
Intended for business but accommodates lack of regular income
A
Chapter 11
