In a Chapter 7 Proceeding, an Unsecured Creditor Who Files

question 15

True/False

In a Chapter 7 proceeding, an unsecured creditor who files a claim with the court after the deadline because he is too busy planning and going on a vacation would be unable to collect anything.

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Definitions:

Innocent

The state of being not guilty of a crime or other wrong act.

Negotiation

The process by which two or more parties engage in discussions to reach a mutually agreed-upon outcome.

Indorsee

A person to whom a negotiable instrument is transferred by indorsement.

Payable

Financial obligations or monies that are due to be paid to creditors or suppliers.