Adam is a sole proprietor. He must file for bankruptcy to reorganize his debt under a repayment plan so he can pay his creditors and continue operating his business. He should file a: a. Chapter 10 bankruptcy. b. Chapter 12 bankruptcy. c. Chapter 7 bankruptcy. d. Chapter 13 bankruptcy.

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Computers and Technology

Jaxon Ibarra

13 February, 18:43

Adam is a sole proprietor. He must file for bankruptcy to reorganize his debt under a repayment plan so he can pay his creditors and continue operating his business. He should file a: a. Chapter 10 bankruptcy. b. Chapter 12 bankruptcy. c. Chapter 7 bankruptcy. d. Chapter 13 bankruptcy.

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Jameson Bauer · Answer 1

Option D i. e., Chapter 13 bankruptcy.

Explanation:

He is the sole proprietor. He needs to constantly declare bankruptcy throughout order to restructure the debts through a recovery program, so he can reimburse the creditors as well as proceed to work. He should be to apply a bankruptcy in Chapter 13.

A bankruptcy chapter 13 is considered a restructuring for an income earner. This allows people from modest salaries could establish a program that pays it back both or most of that debt.