Question

Which type of bankruptcy is available to individuals or business owners, with businesses being turned over to a trustee who reorganizes the company's assets and oversees the repayment of debt, and with individuals coming up with a similar plan?

Answer 1

Chapter 13. The business is turned over to someone else who oversees the debt repayment along with coming up with a repayment plan over the next 3-5 years.

Answer 2

The business being turned over to a trustee who recognizes the company's assets and oversees the repayment of debt

Explanation:

The type of bankruptcy available to business owners entails that the business will be handed over to a trustee who would take charge / ownership of the business and recognizing the assets and liabilities of the business first, before taking charge to ensure the proper supervision of debt repayment and other vital functions that the business would undertake. when these conditions are met then an individual or business owner that filed for bankruptcy would have it approved