Personal bankruptcy: Chapters 7 and 13
8:20
Khan AcademySal Khan
Personal bankruptcy: Chapters 7 and 13
Bankruptcy is the situation is when a person or other economic agent that owes more money than they will be able to pay back. In the United States, people who declare personal bankruptcy can do so under two provisions of the United States Bankruptcy Code, Chapter 7 or Chapter 13. Under the provisions of Chapter 13, some kinds of debt are ...
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