The Means Test Forces More People to File for Chapter

question 34

True/False

The means test forces more people to file for Chapter 7 bankruptcy rather than gave their debts discharged under Chapter 13.

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Definitions:

Financial Statement

Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Permanent/Temporary

Refers to the classification of accounts or differences; permanent accounts are ongoing and not closed at the end of the accounting period, whereas temporary accounts are closed and reset.

Normal Balance

The side (debit or credit) of an account that is typically increased.

Financial Statement

A documented account of financial transactions and standing for businesses, individuals, or alternative entities.