Which of the Following Is True of Chapter 7 of the United

question 45

Multiple Choice

Which of the following is true of Chapter 7 of the United States Bankruptcy Code?

• A) The 2005 Act gives debtors better means to obtain a Chapter 7 bankruptcy.
• B) Under Chapter 7, a debtor is denied the right to a trustee.
• C) It features a dollar-based means test and a median income test based on a debtor's state of residence.
• D) The 2005 Act in effect pushed many debtors out of Chapter 7 and into Chapter 15 debt- adjustment bankruptcy.

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Definitions:

Payroll Companies

Businesses that specialize in managing the compensation of employees for other companies, including wages, taxes, and other deductions.

New Buy

A purchasing situation in which a buyer or company makes a significant purchase of a product or service for the first time, often involving considerable research and decision-making.

T.J.Maxx

A subsidiary of TJX Companies, Inc., known for selling discounted brand-name clothing, footwear, and home goods.

B2B Organization

A business that primarily sells products or services to other businesses rather than to individual consumers.