Which of the Following Statements Is True About Chapter 7

question 64

Multiple Choice

Which of the following statements is true about chapter 7 bankruptcy?

• A)All debtors qualify for chapter 7 under the BAPCPA.
• B)The court cannot liquidate the non-exempt assets of a debtor who files for chapter 7 bankruptcy.
• C)The liquidation that occurs in a chapter 7 bankruptcy is used to re-commence the business after the bankruptcy is over.
• D)Only individuals,rather than partnerships,may receive a discharge under chapter 7 bankruptcy.
• E)Corporations that satisfy the means test established by the BAPCPA may file for chapter 7 bankruptcy.

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Definitions:

Annual Percentage Rate

The annual rate charged for borrowing or earned through an investment, which includes any fees or additional costs associated with the transaction.

Annual Percentage Rate

The annual rate charged for borrowing or earned through an investment, which includes any fees or additional costs associated with the transaction, expressed as a percentage.

Effective Annual Rate

The genuine rate of interest that an investment, savings account, or loan delivers, factoring in the effects of compounding.

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage rate.