In Scenario 10-1 Above,if Franky Files for a Chapter 7

question 80

Multiple Choice

In Scenario 10-1 above,if Franky files for a Chapter 7 bankruptcy,then ____ will occur.

• A) Voluntary reorganization
• B) Involuntary reorganization
• C) Liquidation
• D) Repayment over a three to five year period

---

Definitions:

Remedies

Remedies in legal terms refer to the means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.

Essential Purpose

The main or critical reason for which something exists or is done, especially in a legal or contractual context.

Usage of Trade

A common practice or method of dealing recognized and accepted in a particular industry or trade.

Usage of Trade

Customary practices and standards within a particular industry or market that are considered legally binding in commercial transactions.