IDENTIFICATION -Pedro Carmona

question 17

Short Answer

IDENTIFICATION
-Pedro Carmona

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Definitions:

Means Test

A procedure used to determine eligibility for certain types of government assistance or legal aid, based on the financial situation of the applicant.

Chapter 7

A bankruptcy provision under U.S. law that involves the liquidation of a debtor's assets to pay off creditors.

Chapter 13

A portion of the U.S. Bankruptcy Code permitting individuals earning a steady income to devise a strategy for repaying their debts either in full or in part.

Liquidation Proceeding

A legal process in which a company's assets are sold off to pay creditors.