Asked by Suzanna Mondragon on May 31, 2024
Verified
The various chapters of the Bankruptcy Code are the only options for resolving the conflict between creditor rights and debtor relief.
Bankruptcy Code
The body of federal law that governs the process of bankruptcy in the United States, providing for the resolution of insolvent debts.
Creditor Rights
Legal rights afforded to creditors to collect what is owed to them according to the terms of the agreement.
Debtor Relief
Legal measures or frameworks aimed at providing assistance or relief to those who are unable to pay their debts.
- Determine the distinctions among chapters of the Bankruptcy Code and their suitability for different types of debtors.
Verified Answer
ZK
Zybrea KnightJun 06, 2024
Final Answer :
False
Explanation :
Other than the chapters of the Bankruptcy Code, there are also non-bankruptcy options such as debt settlement, negotiation, and state law remedies that can resolve conflicts between creditor rights and debtor relief.
Learning Objectives
- Determine the distinctions among chapters of the Bankruptcy Code and their suitability for different types of debtors.