Question
You should have a general idea of the two main forms of personal bankruptcy: the Wage Earner Plan and Straight Bankruptcy . In the following
You should have a general idea of the two main forms of personal bankruptcy: the Wage Earner Planand 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 | ||
|---|---|---|---|
| New debt payment plan to better match debtor's steady income | |||
| Least common personal bankruptcy procedure | |||
| Defined in Chapter 13 of the U.S. Bankruptcy Code | |||
| Debtor may keep some assets of minimum value as defined by law | |||
| Most common personal bankruptcy procedure | |||
| Forgives most debts |
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Business Law Text and Exercises
Authors: Roger LeRoy Miller, William E. Hollowell
8th edition
1305509609, 1305644823, 9781305856479 , 978-1305509603
