Compared to Chapter 7 and 11 Plans, a Chapter 13

question 4

Multiple Choice

Compared to Chapter 7 and 11 plans, a Chapter 13 plan

• A)permits creditors to force a debtor into involuntary bankruptcy.
• B)allows a debtor to retain possession of his or her assets.
• C)is more expensive and more complicated.
• D)permits any interested party to file a repayment plan.

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Definitions:

Income Allocated

Allocation of income refers to the distribution of earnings among various accounts or entities, often for tax, investment, or accounting purposes.