The phrases that best summarizes Chapter 7 bankruptcy include option C: Reorganize debt and keep property.
Bankruptcy is defined as legal agreement under which a person or a company unable to pay back their debt amounts.
Selling off the assets and liquidating them gives them cash on hand to pay off when it needed.
Chapter 7 defines the reorganize the debt amount and keep the property saved.
Therefore, correct option is C.
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Answer:
Which of the following phrases best summarizes Chapter 7 bankruptcy?
a. Â discharge debt and keep property
b. Â discharge debt and liquidate assets
c. Â reorganize debt and keep property <<<correct
d. Â reorganize debt and liquidate assets
Explanation:
Edge 2022
