Neldon must file for bankruptcy. If Neldon files a Chapter ________ that means he must turn over his assets to a trustee who will take over management of Neldon's assets and sell nonexempt assets.
A) 7
B) 9
C) 11
D) 13
E) 15

Question

Quizplus · Accepted Answer

Chapter 7 bankruptcy involves liquidation, where the debtor's nonexempt assets are sold by a trustee, and the proceeds are used to pay creditors.

Neldon Must File for Bankruptcy