Asked by karyme catano on Apr 30, 2024
Verified
Which of the following is false regarding Chapter 13 of the bankruptcy code?
A) Chapter 13 permits individuals with regular income to pay their debts to creditors in installment plans under the supervision of the court.
B) Any debtor who files under Chapter 13 could also have filed under Chapter 11.
C) Chapter 13 repayment plans are usually simpler and less expensive than Chapter 11 plans.
D) By statute Chapter 13 plans last between 36 and 60 months.
E) Individuals, partnerships, and corporations may file for a Chapter 13 repayment plan.
Chapter 13
A type of bankruptcy that involves a reorganization of a debtor's finances under a court-approved plan to repay creditors over time, usually three to five years.
Regular Income
Consistent earnings received by an individual or entity, typically through employment, investments, or business operations.
Installment Plans
Payment methods that allow customers to purchase goods by making a series of payments over time.
- Acquire knowledge of the prerequisites and procedural guidelines for filing in various bankruptcy chapters, specifically Chapter 7, 11, 12, 13.
Verified Answer
Learning Objectives
- Acquire knowledge of the prerequisites and procedural guidelines for filing in various bankruptcy chapters, specifically Chapter 7, 11, 12, 13.
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