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In Chapter 7 bankruptcy a debtor A) Is required to draw up a petition listing all assets and liabilities B) dose not have to pay a filing fee C) is absolved of alimony and child support payments D) dose
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37 votes
37 votes
In Chapter 7 bankruptcy a debtor

A) Is required to draw up a petition listing all assets and liabilities

B) dose not have to pay a filing fee

C) is absolved of alimony and child support payments

D) dose not have to repay educational loans​

User Aldarund
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1 Answer

17 votes
17 votes

Answer: A. is required to draw up a petition listing all assets and liabilities.

Step-by-step explanation:

Bankruptcy simply refers to the legal whereby an economic entity is unable to repay their outstanding debts. In this case, the individual or business will need to sell its remaining assets in order to pay the liabilities.

Due to the above reason, then the debtor will be required by the government to list all of their assets and the liabilities that it owns and this will be used in determining whether the obligation has been fulfilled or not.

User Melou
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