Creditors Rights Flashcards
1
Q
Chapter 7 Bankruptcy
A
liquidation proceeding used for individuals whose income is insufficient to debt
2
Q
Chapter 13 Bankruptcy
A
liquidation proceeding used for individuals whose income is greater than their states median. this is a repayment plan
3
Q
Chapter 11 Bankruptcy
A
a reorganization of debt for businesses. It’s used for businesses that owe more than they are worth and want to restructure their debt but remain in operation.
