Tuesday, May 25, 2010

Multiple choice question about who may not be a debtor under a Chapter 7 bankruptcy.?

Which of the following may not be a debtor under Chapter 7?

A, A railrod
B. A federally insured bank
C. A domestic insurance company
D. All of the above


I chose "D" because I believe only individuals can file for a chapter 7 bankruptcy. Am I right?

Thanks!
Answers:
The correct answer would be D.
This looks like an old CPA question.

Yes, the answer is D

To qualify for relief under chapter 7 of the Bankruptcy Code, the debtor may be an individual, a partnership, or a corporation or other business entity. 11 U.S.C. 搂搂 101(41), 109(b).

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