When James Was 16 Years Old, He Received a Parking

question 38

Multiple Choice

When James was 16 years old, he received a parking ticket for parking the car too far from the curb at school. His parents provided an age-appropriate consequence: ______.

• A) James was shamed for his poor parking skills.
• B) James had to earn the money to pay for the ticket.
• C) James was not allowed to watch TV for a week.
• D) James was grounded for his careless mistake.

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Definitions:

Trustee

An individual or organization that holds or manages property, assets, or a trust on behalf of another.

Nonexempt Assets

Assets that a debtor must forfeit to creditors or to a bankruptcy trustee under bankruptcy proceedings, not protected by exemption laws.

Chapter 7

A chapter of the U.S. Bankruptcy Code that involves the liquidation of a debtor's assets to repay creditors.

Bankruptcy Rules

Regulations governing the process of bankruptcy, dictating how debts are discharged and assets are handled among creditors and debtors.