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13 July, 03:08

You are hopelessly in debt, and you have no chance of paying your bills. You

have talked with a good debt counseling service, and the service says you should

file for the type of bankruptcy that will allow you to "discharge" your debts. Which

type of bankruptcy should you file?

A. Chapter 13 bankruptcy.

B. Chapter 13 bankruptcy for only your unsecured debt.

C. Chapter 7 bankruptcy.

D. Chapter 7 bankruptcy for only your secured debt.

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Answers (1)
  1. 13 July, 05:14
    0
    Answer:Option C Chapter 7 bankruptcy.

    Explanation:

    When an individual reports under chapter 7 then the individual no longer requires to pay the debt. The amount spent to pay for loan or debt can be used for personal purposes now.

    As you are hopelessly in debt you will not be able to make payments Chapter 7 protects you temporarily from being contacted by collectors and also filing lawsuits against your property.

    Credit counselling course has to be studied before filing for Chapter 7 and this is shorter period of 90 to 100 days when compared to Chapter 13 which is 3 to 5 years.
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