Amos was out of work, owed a substantial amount of debts, and was not able to pa

Question

Amos was out of work, owed a substantial amount of debts, and was not able to pay his creditors. Amos decided to file a voluntary bankruptcy petition in hope of obtaining a fresh start. Which of the following is true.

Possible Answers:

Creditors may continue to seek payment until Amos obtains a discharge in bankruptcy

The petition cannot be filed with the local state court

The creditors may contest the voluntary petition and prevent the bankruptcy

Amos can file under Chapter 13 for an adjustment of debts rather than a liquidation

Explanation / Answer

AMOS CAN FILE UNDER 13 FOR AN ADJUSTMENTS OF DEBTS RATHER THAN LIQUIDATION BECAUSE CHAPTER 13 SAYS THAT DEBTORS REPAYMET PLAN MAY BE IN 3 TO 5 YEARS AS A CASE DEPENDS ON DEBTORS MEAN INCOME WITH SATATE MEAN INCOME.

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