Loose Leaf for Personal Finance
Loose Leaf for Personal Finance
12th Edition
ISBN: 9781259720680
Author: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Publisher: McGraw-Hill Education
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Chapter 7, Problem 7.5PQ1
Summary Introduction

To determine:

Purpose of chapter 7 bankruptcy.

Introduction:
Chapter 7 bankruptcy is a type of bankruptcy in which debtor has to file a petition including his or her all assets and liabilities. In this, most of the debts of the debtor are forgiven and remaining debts which are not forgiven are paid through the sales of assets but all assets are not sold like unemployment compensation, household goods and many other things.

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How Bankruptcy Works; Author: Two Cents;https://www.youtube.com/watch?v=tpI0XWjIsqI;License: Standard Youtube License