In a Chapter 7 Proceeding, the Primary Effect of a Discharge

question 51

True/False

In a Chapter 7 proceeding, the primary effect of a discharge is to set aside any prior judgment on a discharged debt and to prohibit any action to collect it.

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Definitions:

Industry Supply

The total output of goods or services available from a particular industry at a given price level and time.

Operate

To function or run, typically referring to the way machinery, systems, or businesses work.

Shut Down

Cessation of a firm’s operations as output falls to zero.

Break-even Point

The level of production or sales at which total revenues equal total expenses, resulting in neither profit nor loss.