Under Chapter 7, Once the Proceeds of the Bankruptcy Estate

question 52

Multiple Choice

Under Chapter 7, once the proceeds of the bankruptcy estate have been distributed, all or most of the debtor's remaining debts

• A) are discharged .
• B) paid by the court.
• C) renewed without legal action as obligations of the debtor .
• D) subject to legal actions to recover any unpaid amounts.

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Definitions:

Potential Level

The potential level refers to the maximum output that an economy can produce without leading to inflation, considering all factors of production are fully utilized.

Autonomous Net Taxes

Taxes that are not influenced by economic activity levels, operating independently of the economy's output.

Expansionary Gap

A condition where an economy's actual gross domestic product is higher than its long-run potential, leading to upward pressure on prices.

Government Purchases

Spending on products and services by all levels of government, not including transfer payments.