What Is Chapter 7 Discharge

question 59

Multiple Choice

What is Chapter 7 discharge?

• A)The termination of the legal duty of an individual debtor to pay both secured and unsecured secured debts before he or she is granted a court trial.
• B)The termination of the legal duty of an individual debtor to pay unsecured debts that remain unpaid upon the completion of a Chapter 7 proceeding.
• C)The cancellation of all debts of a debtor that remain unpaid upon the completion of a Chapter 13 proceeding.
• D)An instruction to the debtor to propose a plan to pay all or a portion of the debts he or she owes in installments.

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Definitions:

Government Policy

The set of laws and regulations enacted by government officials that affect the operations of a country or region.

Competitiveness

The ability of a company, sector, or country to produce goods or services that meet the test of international markets while maintaining or increasing the real incomes of its citizens.

Critics Of Industrial Policy

Critics of industrial policy argue that government efforts to direct and support specific industries often lead to inefficiency, corruption, and a misallocation of resources.

Government Giveaway

Programs or initiatives where the government distributes resources or benefits at no cost to recipients, often for social welfare or economic stimulus.