To Adjust Debt and Institute a Repayment Plan, Delton, a Family

question 25

Multiple Choice

To adjust debt and institute a repayment plan, Delton, a family fisherman in the Gulf of Mexico, may file a petition in bankruptcy for relief under the Bankruptcy Code's Chapter

• A) 1.
• B) 3.
• C) 5.
• D) 12.

---

Definitions:

State Statute

A written law enacted by a state legislature or other governing authority.

Limited Partnership

A form of business organization that has one or more general partners who manage the business and have unlimited liability for the obligations of the business and one or more limited partners who do not manage and have limited liability.

Limited Liability Status

A legal status which limits the amount of financial loss and legal liability an individual's investment can incur to the amount invested in a corporation, protecting personal assets from company debts and obligations.

Limited Liability Partnership

A partnership where some or all partners have limited liabilities, protecting them from certain debts or obligations beyond their investment.