Multiple Choice
Which of the following statements is true about a Chapter 7 bankruptcy?
A) Chapter 7 bankruptcy is frequently referred to as the 'Wage earner's plan.'
B) The debtor can remain "in possession of the assets" while undergoing the bankruptcy process under Chapter 7, without the appointment of a trustee.
C) Individuals must undergo a means test to determine if they qualify for Chapter 7 bankruptcy.
D) In Chapter 7 bankruptcy, the debtor is placed in a fiduciary relationship with the powers and rights of a trustee.
Correct Answer:
Verified
Correct Answer:
Verified
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