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:

Market Price

The current value at which an asset or service can be bought or sold in the marketplace.

Preferred Dividends

The dividends that are allocated and paid to preferred shareholders before any dividends can be distributed to common shareholders.

Retained Earnings

The portion of net income not distributed as dividends to shareholders, but instead reinvested in the company or kept as reserve.

Plant & Equipment, Net

The net book value of physical assets used in operations, after accounting for depreciation and disposals.