In Order to Reduce Creditor Attempts to Pressure Debtors to Reaffirm,which

question 54

Multiple Choice

In order to reduce creditor attempts to pressure debtors to reaffirm,which of the following acts requires that a reaffirmation promise be made prior to the date of the discharge and gives the debtor the right to revoke his promise within 30 days after it becomes enforceable?

• A) The National Labor Relations Act
• B) The Bankruptcy Abuse Prevention and Consumer Protection Act
• C) The Uniform Debt-Management Services Act
• D) The Bankruptcy Reform Act

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Definitions:

Cost of Goods Sold

the direct costs tied to the production of goods sold by a company, including both raw material costs and labor costs.

Net Sales

The total revenue a company earns after deducting returns, allowances for damaged or missing goods, and any discounts allowed.

Nonoperating Income

Income derived from activities not related to a company's core business operations, such as investment income or gains from the sale of assets.

Operating Expenses

Costs related to the day-to-day operations of a business, such as rent, utilities, and payroll.