maria wants to file bankruptcy for her business, marias manicures. shes closing the business completely and…

maria wants to file bankruptcy for her business, marias manicures. shes closing the business completely and wants to completely liquidate the assets. she doesnt plan to re - open. maria will use ____ bankruptcy. report an error question 2 of 5 either chapter 7 or 13 could apply chapter 7 chapter 13 chapter 11

maria wants to file bankruptcy for her business, marias manicures. shes closing the business completely and wants to completely liquidate the assets. she doesnt plan to re - open. maria will use ____ bankruptcy. report an error question 2 of 5 either chapter 7 or 13 could apply chapter 7 chapter 13 chapter 11

Answer

Brief Explanations:

Chapter 7 bankruptcy is for liquidation, where a business closes completely and its assets are sold off to pay creditors. Maria wants to close her business and liquidate assets with no plan to reopen, so Chapter 7 is appropriate. Chapter 13 is for individuals with regular income to develop a plan to repay debts over time, and Chapter 11 is often for businesses that want to restructure and continue operating.

Answer:

B. Chapter 7