Question

In a chapter 7 liquidation, when a firm's debts are discharged, it means that: a- the...

In a chapter 7 liquidation, when a firm's debts are discharged, it means that:

a- the debts are canceled, with the creditors having no further claim

b- the debts have priority and are paid ahead of other debts

c-the debts are subject to partial payment, depending on liquidation assets

d-the debts are in the process of being evaluated by the courts

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Answer : a- the debts are canceled, with the creditors having no further claim.

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