Creditors Hold Judgments on Overdue Debts Against AAA Auto Repair

question 58

Multiple Choice

Creditors hold judgments on overdue debts against AAA Auto Repair when the debtor receives a discharge in bankruptcy. AAA's discharge will

• A)extend the time for payment of the overdue debts.
• B)have no effect on the creditors' judgments.
• C)require creditors to re-file their collection actions.
• D)void any creditor's judgment on a discharged debt.

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Definitions:

Long-Run Unemployment

Unemployment that persists in an economy for an extended period, typically occurring due to structural changes in the economy such as technological advances or shifts in consumer demand.

Unemployment Rate

The proportion of the labor force that is without work but actively seeking employment and willing to work, expressed as a percentage.

U-4 Measure

A specific measure of unemployment that includes all persons who are not currently working but are willing to work and actively seeking employment, plus discouraged workers.

Discouraged Workers

Individuals who have stopped looking for employment due to the belief that there are no jobs available for them.