Asked by Jessica Green on Jul 15, 2024
Verified
Trudy has a steady income,but is behind on her payment of debts.Trudy wants to pay her debts,but needs some relief from her creditors.Discuss what type of Bankruptcy Procedure would best fit her case.
Steady Income
A consistent flow of earnings or money, typically on a regular basis, which can be relied upon for financial planning.
Bankruptcy Procedure
The legal process under bankruptcy laws for dealing with the debt of individuals or entities that cannot pay their creditors.
Creditors
Individuals or entities that lend money or extend credit to others.
- Analyze the impact and outcomes of filing for different bankruptcy chapters from both debtor and creditor perspectives.
- Appreciate the strategic considerations in choosing a bankruptcy chapter.
Verified Answer
NS
Nurul SurfinaJul 20, 2024
Final Answer :
Chapter 13,individual debt adjustment,with a three-year period and two year possible extension will fit in this case.
Learning Objectives
- Analyze the impact and outcomes of filing for different bankruptcy chapters from both debtor and creditor perspectives.
- Appreciate the strategic considerations in choosing a bankruptcy chapter.