Joe Goes into Bankruptcy Under Chapter 7 And,in Due Course,all

question 88

Essay

Joe goes into bankruptcy under Chapter 7 and,in due course,all of his debts are discharged.After the discharge is granted,Joe signs an agreement promising to repay one of those discharged debts.Joe's attorney certifies that Joe is able to pay the debt.Is Joe bound to pay this debt?

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Definitions:

Ordinary Annuity

Equivalent monetary exchanges concluded after each sequential era over a predetermined course.

Compounded Monthly

A method of calculating interest where the accumulated interest is added to the principal sum each month.

Retires

The act of leaving one's job and ceasing to work, typically because of age or health.

Retirement Savings Plan

a financial arrangement designed to allow individuals to accumulate funds for their retirement.