Forever Yours,Inc

question 29

Multiple Choice

Forever Yours,Inc.has a secured and perfected security interest in Sally's big-screen TV.On the filing date of Sally's Chapter 7 petition,the balance of the debt owed to Forever Yours is $2,000.The value of the TV is estimated at $1,500.This means that Forever Yours

• A)is secured for the entire debt,$2,000.
• B)is unsecured for $500,the excess of the debt over the value of the TV.
• C)has a high priority claim of $500.This means that Forever Yours,Inc.will be allowed $500 worth of other unsecured property before other unsecured creditors get anything.
• D)is unsecured for the entire debt.

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Definitions:

Infant Mortality Rate

A statistical measure indicating the number of deaths of infants under one year of age per 1,000 live births in a given year, often used as a health status indicator for a country.

Labor Force

The total number of people who are available to work, including both employed and unemployed individuals actively seeking employment.

Developed Countries

Nations with generally advanced technological infrastructure, high levels of income, and comprehensive social support systems.

Extreme Hunger

Severe deficiency in caloric intake or the extreme lack of food leading to acute malnutrition.