If a Creditor Owns a Debt That Is Provable and Nondischargeable

question 44

Multiple Choice

If a creditor owns a debt that is provable and nondischargeable, he or she _____.

• A) may participate in the distribution of the debtor's estate
• B) can recover only the money provided by the bankrupt's discharge
• C) must not enter into any voluntary agreement with the debtor for discharge of the debt
• D) needs court approval for reaffirmation of loans

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Definitions:

Master Budget

A comprehensive financial planning document that consolidates all of a company's budgets, including sales, production, and various operational budgets.

Credit Sales

Transactions in which goods or services are provided to a customer with the agreement that payment will be made at a later date.

Accounts Receivable

The money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Cash Collections

The process of gathering all payments or receivables a company has earned from its sales or services.