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CLEP Business Law

Category - Legal Envrmt

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In a Chapter 7 bankruptcy:

Abusiness ceases operations and liquidates.
A city reorganizes.
A business or individual reorganizes.
A farmer reorganizes.
An individual reorganizes.

Explanation

Answer: A. In a Chapter 7 bankruptcy, a business ceases operations and liquidates. Individuals can also file for Chapter 7 bankruptcy. In a Chapter 7 bankruptcy, the individual or business does not have money to pay debts, even on an alternative payment schedule. Assets are often sold to pay creditors.

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