Question: What is the difference between a Chapter 7 and a Chapter 13 bankruptcy? Multiple Choice Chapter 7 liquidates all of your debts. Chapter 13 liquidates

What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

Multiple Choice

  • Chapter 7 liquidates all of your debts.

  • Chapter 13 liquidates all of your assets.

  • In a Chapter 7 bankruptcy, you do not have to pay off anything.

  • In a Chapter 13 bankruptcy, you pay off your debt over a period of 3 to 5 years.

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