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:

Interest Rate

The amount charged by lenders to borrowers for the use of money, expressed as a percentage of the principal, over a given period.

Discount Rate

The interest rate used to determine the present value of future cash flows in discounted cash flow analysis.

Net Present Value

A financial metric that calculates the present value of expected future cash flows relative to the initial investment, used to assess the profitability of an investment.

Investment Project

An undertaking requiring capital investments with the aim of generating future returns.