Understanding Bankruptcy: Chapters 7, 13, and 11

Benjamin is considering filing for Chapter 7 bankruptcy. What is this type of bankruptcy primarily known for?

• Business reorganization

• Stopping foreclosures

• Repayment plan for individuals

• Liquidation of assets

Ethan, a wage earner, is considering filing for bankruptcy to manage his debts. Which type of bankruptcy is known as a 'wage earner plan'?

• Chapter 7

• Chapter 9

• Chapter 13

• Chapter 11

Imagine a large company, where Avery is the CFO, is facing financial difficulties. What is the main purpose of Chapter 11 bankruptcy for this company?

• To eliminate unsecured debt quickly

• To reorganize large businesses or individuals with high debt loads

• To reorganize a small business

• To liquidate personal assets

Imagine Samuel is considering filing for Chapter 7 bankruptcy. What does the means test determine in his case?

• The number of dependents in Samuel's family

• The total assets Samuel possesses

• Eligibility based on Samuel's income levels

• The amount of secured debt Samuel has

Avery is considering filing for bankruptcy due to a sudden financial downturn. Which bankruptcy chapter typically concludes within about five months, allowing Avery to start afresh?

• Chapter 12

• Chapter 13

• Chapter 11

• Chapter 7

Imagine Priya is filing for Chapter 13 bankruptcy. What is the approximate debt limit for her unsecured debts?

• $200,000

• $350,000

• $1,000,000

• $500,000

Samuel is considering filing for bankruptcy due to a high volume of both secured and unsecured debts. Samuel has high level of incomes.Which bankruptcy type is most suitable for him?

• Chapter 11

• Chapter 9

• Chapter 13

• Chapter 7

Imagine Mia is considering filing for Chapter 13 bankruptcy. What can this type of bankruptcy help Mia to prevent?

• Business reorganization

• Foreclosures and repossessions

• Liquidation of business assets

• Immediate debt elimination

Elijah is studying bankruptcy laws and wants to know which bankruptcy chapter is known as a 'straight bankruptcy'. Can you help him identify the correct chapter?

• Chapter 11

• Chapter 13

• Chapter 12

• Chapter 7

Imagine a large, multinational company like Apple or Samsung needing to reorganize. Which chapter is typically used for this process?

• Chapter 9

• Chapter 11

• Chapter 13

• Chapter 7