Chapter 7 Bankruptcy Will Typically

question 100

Multiple Choice

Chapter 7 bankruptcy will typically

• A)eliminate most debt obligations.
• B)require monthly payments to a bankruptcy trustee.
• C)stay on one's credit record up to 12 years.
• D)a and c
• E)a, b, and c

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Definitions:

Debit

A bookkeeping entry that boosts an asset or expense account, or reduces a liability or equity account.

Tangible Asset

Physical assets or property owned by a person or company, such as buildings, machinery, and vehicles.

Physical Existence

The tangible presence of an entity or an asset, capable of being seen or touched.

Capital Expenditures

The costs of acquiring fixed assets, adding to a fixed asset, improving a fixed asset, or extending a fixed asset’s useful life.