Once the bankruptcy court determines the petition is valid, an order for relief is granted, the _ effectively becomes permanent, and a bankruptcy _ is created consisting of all the debtor's assets.

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19-12-2022
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Once the bankruptcy court determines the petition is valid, an order for relief is granted, the _ effectively becomes permanent, and a bankruptcy _ is created consisting of all the debtor's assets.

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-12-21T13:31:05-05:00

An officer designated by the Department of Justice's United States Trustee Program to administer bankruptcy cases on behalf of the estate of the debtor is known as a trustee.

An opportunity to start over is provided through bankruptcy, which discharges debts that are just unaffordable while providing creditors a chance to get some compensation based on the assets that can be liquidated by the individual or firm. According to theory, the option to declare bankruptcy helps the entire economy by giving individuals and businesses a second chance to obtain credit and by giving creditors a share of the debt repayment.When bankruptcy procedures are successfully concluded, the debtor is released from all debt obligations accumulated up until that point.Federal courts in the United States oversee every bankruptcy case. A bankruptcy judge decides whether a debtor is qualified to petition for bankruptcy and whether they should have their debts dismissed in federal bankruptcy proceedings.

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Once the bankruptcy court determines the petition is valid, an order for relief is granted, the _______ effectively becomes permanent, and a bankruptcy _______ is created consisting of all the debtor's assets.

Answer :

Other Questions

Once the bankruptcy court determines the petition is valid, an order for relief is granted, the _ effectively becomes permanent, and a bankruptcy _ is created consisting of all the debtor's assets.