Under Chapter 7, the Primary Effect of a Discharge Is

question 7

Multiple Choice

Under Chapter 7, the primary effect of a discharge is to

• A)extend the time for the debtor's payment of overdue debts.
• B)allow a creditor to collect a previous judgment on a discharged debt.
• C)force a creditor to obtain a new judgment on a discharged debt.
• D)void a judgment on a discharged debt and prohibit an action to collect it.

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Definitions:

Personal Use

Personal use refers to the use of goods or services primarily for individual rather than commercial or professional purposes.

Proceeds

Something that is exchanged for a debtor’s sold collateral.

Secured Party

A lender or creditor who has an interest in the collateral securing a loan or credit agreement.

UCC

Short for Uniform Commercial Code, it is a comprehensive set of laws governing all commercial transactions in the United States.