A Proposal to Creditors Is Made by an Insolvent Debtor

question 26

Multiple Choice

A proposal to creditors is made by an insolvent debtor having difficulty meeting payments.Which of the following is true?

• A)The proposal must be rejected by creditors within 45 days,or it will be deemed to be accepted.
• B)The history will remain on the credit bureau report for three years after terms have been met.
• C)The proposal must be for an amount over $50 000.
• D)The proposal must require at least fifty percent of the total debt to be repaid.

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Definitions:

Serotonin

A neurotransmitter in the brain that plays a key role in stabilizing mood, feelings of well-being, and happiness.

Learned Helplessness

A condition in which an individual becomes passive and unable to act to avoid adverse situations due to previous experiences of being unable to control the outcome.

Learned Helplessness

Learned helplessness is a psychological condition in which a person believes they have no control over outcomes in their life, often leading to passivity and depression, as a result of experiencing uncontrollable events.

Increased Control

Enhancing one's ability, power, or authority to manage or direct situations, objects, or people.