In Addition to the Means Test, the Bankruptcy Abuse Prevention

question 38

Multiple Choice

In addition to the means test, the Bankruptcy Abuse Prevention and Consumer Protection Act requires that a debtor who wishes to file under any chapter of the bankruptcy law must, unless exempt, receive individual or group credit counseling from an approved, not-for-profit, individual or group budget or credit counseling agency. The debtor must obtain a certificate from this agency outlining the assistance in budgeting that the debtor received. The counseling must be performed by telephone or online within _________ prior to the bankruptcy filing.

• A) 30 days.
• B) 90 days.
• C) 180 days.
• D) 360 days.

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Definitions:

Deflation

A decrease in the general price level of goods and services, often indicating a contraction in the economy.

Misery Index

An economic indicator created by adding the unemployment rate to the inflation rate, proposing to reflect the average citizen's financial discomfort.

Nominal Interest Rate

The rate of interest before adjusting for inflation, representing the face value of interest payments.

Inflation

The speed at which the overall price level for goods and services increases, causing a decline in the value of money.