The Chapter 13 Filing Self-Quiz

 

 

 

 

 

 

 

Tom is an individual in deep financial trouble. He has decided to file for Chapter 13 bankruptcy protection. Under the filing, Tom will have:
Choice 1 one year to discharge all his debts.
Choice 2 three years to pay down his debts per the final bankruptcy plan.
Choice 3 three years to discharge all his debts.
Choice 4 one year to pay down his debts per the final bankruptcy plan.
Jill has filed for Chapter 13 protection and has submitted a plan to the court for resolution of her debts. One of Jill’s creditors objects to the plan. It is most likely the case that:
Choice 1 the objecting creditor is an unsecured creditor.
Choice 2 Jills net estate is less than the total amount of her debts.
Choice 3 Jill will not be committing all of her disposable income to the bankruptcy discharge over the next three years.
Choice 4 All of the above.

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