Question

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13. Personal bankruptcy procedures - Wage earner plan and straight bankruptcy Aa Aa E You should have a general idea of the two main forms of personal bankruptcy: the Wage Earner Plan and Straight Bankruptcy. In the following table, indicate which items are characteristic of the Wage Earner Plan and which apply to Straight Bankruptcy. Wage Earner Plan Straight Bankruptcy Defined in Chapter 13 of the U.S. Bankruptcy Code Allowed under Chapter 7 of the U.S. Bankruptcy Code Opportunity to start anew New debt payment plan to better match debtor's steady income Reasonable chance of paying the debt in three to five years 0000 Forgives most debts

Answer 1

1). Wage earner plan is defined in Chapter 13 of the U.S. bankruptcy code.

2). Straight bankruptcy is allowed under Chapter 7 of the U.S. bankruptcy code.

3). Straight bankruptcy gives an opportunity to start anew as all debt is either paid off or forgiven.

4). Wage earner plan allows the debtor to have a new debt payment plan so as to match the debtor's regular income.

5). Wage earner plan - Under this plan, there is a reasonable chance of repaying the debt in three to five years.

6). Under straight bankruptcy, most debts are forgiven and the major, secured ones are paid off.