A Debtor in a Chapter 7 Bankruptcy Does Not Have

question 72

Multiple Choice

A debtor in a Chapter 7 bankruptcy does not have to be ________, but must be able to show the court that he owes money to someone.

• A) insolvent
• B) unable to pay
• C) employed
• D) a homeowner with assets
• E) homeless

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Definitions:

UCC

A vast array of regulatory provisions for commercial transactions in the United States is constituted within the Uniform Commercial Code.

Incidental Beneficiaries

Third parties who might benefit from a contract incidentally but have no enforceable rights in that contract.

Intended Third-Party Beneficiaries

Individuals or groups not directly involved in a contract who are nevertheless intended by the contracting parties to benefit from the contract's performance.

Creditor Beneficiaries

Individuals or entities that benefit from a contract made between two other parties, particularly in their capacity to receive a debt payment.