A Debtor Will Be Denied a Chapter 7 Discharge If

question 94

Multiple Choice

A debtor will be denied a Chapter 7 discharge if he or she has received a Chapter 13 discharge within the past six years:

• A) unless payments under that Chapter's plan totaled at least 100% of allowed unsecured claims.
• B) unless payments under Chapter 13 totaled at least 70% of allowed unsecured claims and the plan was the debtor's best effort.
• C) In all events.
• D) Both (a) and (b) are alternative exceptions to the six-year rule.

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Definitions:

Exchange Rate

The value of one currency for the purpose of conversion to another.

Gold Standard

A monetary system in which a country's currency or paper money has a value directly linked to gold, providing stability and confidence in the currency's value.

Self-Correcting Mechanism

In economics, a self-correcting mechanism refers to the natural adjustment of markets in response to imbalances, restoring them to equilibrium without outside intervention.

De Facto Dollar Standard

An international financial system in which the U.S. dollar is used as the primary reserve currency by other countries, even though it may not be officially designated.