Problems in the Wool Industry Led to the Revolt of the Ciompi

question 77

True/False

Problems in the wool industry led to the revolt of the Ciompi in 1378.

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Definitions:

Involuntary Bankruptcy

This is a legal process initiated by creditors against a debtor, rather than the debtor filing for bankruptcy voluntarily, forcing them into bankruptcy to satisfy debts.

Creditors

Persons or organizations that are owed money by borrowers.

Bankruptcy Proceedings

The legal process through which individuals or businesses that are unable to repay their debts can seek relief from some or all of their financial obligations.

Proof of Claim

A written statement filed by a creditor in bankruptcy proceedings detailing the claim against the debtor.