question 3 points 2 davis lost his job and is unable to pay his bills. he has decided to file for bankruptcy…

question 3 points 2 davis lost his job and is unable to pay his bills. he has decided to file for bankruptcy and has gone through credit counseling. what type of bankruptcy is davis filing for? chapter 7 chapter 11 chapter 13 none of the choices

question 3 points 2 davis lost his job and is unable to pay his bills. he has decided to file for bankruptcy and has gone through credit counseling. what type of bankruptcy is davis filing for? chapter 7 chapter 11 chapter 13 none of the choices

Answer

Brief Explanations:

Chapter 7 bankruptcy is often for individuals with little to no income who want to liquidate assets to pay off debts. Chapter 11 is mainly for businesses to restructure. Chapter 13 is for individuals with regular income to create a repayment plan. Since Davis lost his job and has no income to create a repayment plan, Chapter 7 is most likely.

Answer:

A. Chapter 7