Asked by Sophie Hansen on Apr 26, 2024
Verified
Under Chapter 13 of the Bankruptcy Code:
A) the petition may be voluntary or involuntary.
B) no debt extensions are permitted.
C) no plan may be approved if an unsecured creditor objects.
D) no trustee is appointed.
Chapter 13
A chapter under the United States Bankruptcy Code, allowing individuals earning a regular income to develop a plan to repay all or part of their debts.
Unsecured Creditor
A creditor who extended credit without requiring specific collateral, and thus ranks behind secured creditors in claiming repayment in the event of debtor insolvency.
- Familiarize yourself with the construct and fundamental concepts of the U.S. Bankruptcy Code, recognizing the disparities between its chapters.
Verified Answer
KP
Keval PatelApr 27, 2024
Final Answer :
C
Explanation :
No plan may be approved if the trustee or an unsecured creditor objects,unless the plan provides for the objecting creditor to be paid the present value of what he is owed or provides for the debtor to commit all of his projected disposable income for the applicable period to pay his creditors.
Learning Objectives
- Familiarize yourself with the construct and fundamental concepts of the U.S. Bankruptcy Code, recognizing the disparities between its chapters.
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