Installment Credit Exploded on the American Scene with the Advent

question 30

Multiple Choice

Installment credit exploded on the American scene with the advent of the

• A) Airplane
• B) Automobile
• C) Cell phone
• D) Computer
• E) Train

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Definitions:

Chapter 7

A provision under the U.S. Bankruptcy Code dealing with liquidation, where a debtor's non-exempt assets are sold and the proceeds distributed to creditors.

Chapter 13

A section of the United States Bankruptcy Code that allows individuals with a regular income to create a plan to repay all or part of their debts.

Bankruptcy Estate

In bankruptcy proceedings, all of the debtor’s interests in property currently held and wherever located, as well as interests in certain property to which the debtor becomes entitled within 180 days after filing for bankruptcy.

Bankruptcy Proceedings

The judicial process through which a debtor is relieved from financial obligations when unable to pay back creditors, legally formalized via court orders.