A Chapter 7
Blank
______ bankruptcy forces debtors to
Blank
______ and use the cash to pay
Blank
______ a portion of the amount owed each one.

BlackTom题目解析

Question

A Chapter 7 
Blank
______ bankruptcy forces debtors to 
Blank
______ and use the cash to pay 
Blank
______ a portion of the amount owed each one.

BlackTom题目解析

BlackTom AI · Accepted Answer

The question presents a fill-in-the-blank concept about Chapter 7 bankruptcy and what typically happens in that process.
Option 1: 'debtor in possession, sell their property, creditors' - A debtor in possession is a term associated with Chapter 11 (reorganization) where the debtor remains in possession of assets and operates the business. Chapter 7 does not involve the debtor in possession, so this choice is inaccurate for Chapter 7.
Option 2: 'confirmation plan, sell their property, creditors' - The phrase 'confirmation plan' is tied to Chapter 11 and its reorganization plans that must be confirmed by the court. Chapter 7 does not involve a confirmation plan, so this option does not describe Chapter 7 proceedings.
Option 3: 'ordinary, sell their property, creditors' - This aligns with Chapter 7 mechanics: it is often described as an ordinary form of bankruptcy where non-exempt assets are liquidated (sold) and the proceeds are used to pay (creditors) a portion of the debts. The sequence and terminology fit the typical Chapter 7 process.
Option 4: 'involuntary, repossess their property, creditors' - While involuntary bankruptcy is possible (creditors petitioning for bankruptcy), the phrase 'repossess their property' is not the standard description of Chapter 7 proceedings. Chapter 7 involves liquidation of assets, not a creditor-initiated repossession process as a defining feature, so this option is inaccurate in this context.
In summary, options 1, 2, and 4 contain terms that do not correctly describe Chapter 7 mechanics, while option 3 correctly reflects the ordinary liquidation process where debtors sell assets and use the proceeds to pay creditors.

A Chapter 7 Blank bankruptcy forces debtors to Blank and use the cash to pay Blank __ a portion of the amount owed each one. BlackTom题目解析

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A Chapter 7 Blank ______ bankruptcy forces debtors to Blank ______ and use the cash to pay Blank ______ a portion of the amount owed each one. BlackTom题目解析