What Is the Difference Between a Chapter 7 and a Chapter

question 63

Multiple Choice

What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

• A)Chapter 7 liquidates all of your debts.
• B)Chapter 13 liquidates all of your assets.
• C)In a Chapter 7 bankruptcy,you do not have to pay off anything.
• D)In a Chapter 13 bankruptcy,you pay off your debt over a period of 3 to 5 years.

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Definitions:

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