A Discharge Does Not Release a Person from a Consumer

question 33

Multiple Choice

A discharge does not release a person from a consumer debt to a single creditor totaling more than $5,550 for luxury goods or services if the debt was incurred within how many days of the order for relief?

• A) 90
• B) 120
• C) 180
• D) 365

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Definitions:

Collateral

Assets that are pledged as security for repayment of a loan, forfeited in case of a default.

Elevator Pitch

A succinct and persuasive sales pitch that is intended to spark interest in a product, service, or project within the time span of an elevator ride.

Spiral Bound

A type of binding for books or documents where pages are fastened along one edge by a spiral of wire or plastic that loops through holes.

Price Leader

A company or product that determines the price levels within a market, often by being the dominant player or by offering the lowest prices.