If the Debtor Is Represented by an Attorney,a Reaffirmation Agreement

question 2

True/False

If the debtor is represented by an attorney,a reaffirmation agreement involving the debtor need not be approved by the court.

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Definitions:

Liquidation

The process of closing a business, selling its assets to pay off debts, and distributing the remaining assets to owners or shareholders.

Profit And Loss Percentages

Are critical figures that represent the percentage of profit or loss a business generates from its operations, relative to its revenues.

Final Cash Distribution

The last payment made to investors or shareholders, liquidating the remaining cash balance of an investment or fund.

Capital Balances

The amounts of money that partners or shareholders have invested in a company, represented in the equity section of the balance sheet.