Iris Received a Discharge Under a Chapter 7 Bankruptcy

question 14

Multiple Choice

Iris received a discharge under a Chapter 7 bankruptcy.She cannot receive another discharge under Chapter 7 for at least

• A)six years after the prior filing.
• B)eight years after the prior filing.
• C)ten years after the prior discharge.
• D)She cannot file another Chapter 7,but could file a Chapter 11 or 13 bankruptcy.

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Definitions:

Financial Difficulties

refer to situations where an individual or entity struggles to meet financial obligations due to insufficient funds.

Quantum Meruit

A legal principle that allows a party to receive a reasonable payment for services provided when no specified compensation is involved.

Past Consideration

Something completed before an agreement is made; it is not valid consideration.

Early Repayment

The act of paying off a loan or mortgage before the agreed-upon due date, often resulting in financial penalties.