If a Debtor Refuses to Pay an Unsecured Creditor, and the Debtor

question 199

Multiple Choice

If a debtor refuses to pay an unsecured creditor, and the debtor is insolvent, the unsecured creditor collects:

• A) nothing
• B) one-half of the bill
• C) one-quarter of the bill
• D) the full amount of the bill, over time
• E) the bill plus associated attorney's fees

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Definitions:

Sugar Act

A law passed by the British Parliament in 1764 aiming to raise revenue from the American colonies by imposing a tax on sugar and molasses imported into the colonies.

Stamp Act

A 1765 British Act imposing a tax on the colonies, requiring many printed materials in the colonies to be produced on stamped paper from London, contributing to the American Revolution.

Revolution

A dramatic and wide-reaching change in the way a society or system operates, often achieved through violent or nonviolent means.

Allegiance

Loyalty or commitment of an individual to a group or cause, often used in the context of patriotism or support for a nation.