Families Who Have a Source of Income and Who Want

question 139

True/False

Families who have a source of income and who want to retain their assets above the protected amount would select Chapter 13 rather than Chapter 7 bankruptcy.

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Definitions:

Speculation

The act of trading in an asset or engaging in a financial transaction that has a significant risk of losing most or all of the initial outlay, in expectation of a substantial gain.

Investments

Assets purchased with the expectation that they will generate income in the future or appreciate and be sold at a higher price.

Standby Equipment

Equipment that is kept on hand and ready to be used as a backup in case primary equipment fails.

Property, Plant, Equipment

Long-term tangible assets used in the operation of a business that are expected to provide benefits for more than one year.