Which of the Following Is True of Chapter 7 Liquidation

question 45

Multiple Choice

Which of the following is true of Chapter 7 liquidation?

• A)The debtor is not permitted to keep any of his or her assets.
• B)The 2005 bankruptcy act has eased the process of applying for Chapter 7 bankruptcy.
• C)The debtor's future income cannot be reached to pay the discharged debt.
• D)Petitioning for Chapter 7 liquidation does not permit the debtor to petition for bankruptcy under any other chapter.

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Definitions:

Agents

Individuals or entities authorized to act on behalf of others, making decisions or executing transactions in various contexts such as real estate, law, or finance.

Operating Agreement

A document that outlines the governance and operational guidelines of a limited liability company (LLC).

Voting Rights

The entitlement of individuals to participate in the election of government officials and in the process of decision-making.

Member-Managers

Individuals in a limited liability company (LLC) who are both owners (members) and actively involved in managing the day-to-day operations.