Multiple Choice
Which of the following statements is not correct regarding Chapter 7 of the Bankruptcy Act?
A) The debtor submits a debt repayment plan to the court that is designed to repay as much of the debt as possible.
B) Chapter 7 provides for an immediate liquidation of assets.
C) Petitioners seeking to file Chapter 7 must pass a "means" test.
D) Most of the bankrupt person's assets are given over to the bankruptcy trustee.
Correct Answer:
Verified
Correct Answer:
Verified
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