Question

Which process leaves you with no debt when it is over? (1 point)

O Chapter 7 bankruptcy
O both Chapter 7 and Chapter 13 bankruptcy
O Chapter 13 bankruptcy
Oneither Chapter 7 nor Chapter 13 bankruptcy

Answer 1

Chapter 7 bankruptcy leaves you with no debt after it is concluded by liquidating assets to pay off obligations, whereas Chapter 13 involves a repayment plan that may not cover all debts.

Step-by-step explanation:

The process that leaves you with no debt when it is over is Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, most of your debts are discharged after your assets are liquidated to pay off what you can of your obligations. In contrast, Chapter 13 bankruptcy involves a repayment plan over three to five years, and while it can lead to debt discharge, you may still have remaining debt if it wasn't covered by the repayment plan. Neither bankruptcy guarantees that all types of debt will be discharged; for example, student loans are often not forgiven.

Answer 2

Answer: 1. plan to start rebuilding your credit

2. both Chapter 7 and Chapter 13 bankruptcy

3. Chapter 13 bankruptcy

4. You have a major credit card, a store credit card, and a gasoline credit card, as well as a student loan and an auto loan.

5. You recently declared bankruptcy.

Explanation: I took the quick check and got 100%, hope it helps!