A Discharged Debtor Cannot Use Chapter 7 of the Bankruptcy

question 83

True/False

A discharged debtor cannot use Chapter 7 of the Bankruptcy Act again for at least six years.

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Definitions:

Operating Profit

Income from business operations after operating expenses are subtracted from gross profits, but before taxes and interest expenses.

Operating Expense

ongoing costs for running a product, business, or system.

Operating Profit

The earnings of a business from its core operations, excluding the effects of interest and taxes.

Mark-up

The surplus added onto the base cost of products intended to cover operational costs and generate profit.