Even If a Debtor Qualifies Under the Median or Means

question 18

Multiple Choice

Even if a debtor qualifies under the median or means test,Chapter 7 relief may be denied by the court because of bad faith,or after examining the:

• A) "circumstances of the situation."
• B) "totality of the factors."
• C) "entirety of the circumstances."
• D) "totality of the circumstances."
• E) "entirety of the situation."

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Definitions:

Jointly and Severally

A legal term indicating that parties can be held responsible together or individually for a debt or obligation.

Limited Partnership (LP)

A Limited Partnership (LP) is a form of partnership consisting of at least one general partner, who manages the business and is personally liable, and one or more limited partners, who contribute capital and share in profits but have limited liabilities.

Jointly Liable

A legal term indicating that two or more parties are equally responsible for the fulfillment of a liability or debt.

UPA

stands for Uniform Partnership Act, which is a set of laws adopted by some states in the United States to govern the formation, operation, and dissolution of partnerships.