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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.Select A for the first item,B for the second item,and C if neither item will correctly complete the statement.
-A Chapter 7 bankruptcy can remain in your credit file for [4 | 7] years.
Loan Payoff Requirement
The terms or conditions under which a borrower is obliged to repay the principal and interest on a loan.
Debt Free Period
A timeframe during which an individual or organization has fully paid off all outstanding debts, owing no money to creditors.
Warehouse Receipts
Documents that provide proof of ownership of commodities (like grain, metals, etc.) stored in a warehouse.
Trust Receipts
Trust receipts are documents that evidence the release of merchandise to a buyer in trust for the bank until the loan amount is paid.
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