Which of the Following Statements Concerning Reaffirmation Agreements Is True

question 21

Multiple Choice

Which of the following statements concerning reaffirmation agreements is true?

• A) Reaffirmation agreements are unlawful under the Bankruptcy Act.
• B) Reaffirmation agreements must be made before a discharge in bankruptcy is granted.
• C) A debtor cannot voluntarily pay any dischargeable obligation without entering into a reaffirmation agreement.
• D) Reaffirmation agreements cannot be rescinded prior to discharge or within 60 days after filing with the court.

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Definitions:

Fabricated

Something that is made up or constructed; often referring to information or data that is falsely created or manipulated.

Profit Statement

A financial document detailing a company's revenues, expenses, and net profit over a specific period.

Corporate Social Responsibility

A concept where businesses integrate social and environmental concerns in their operations and interaction with stakeholders.

Corporate Sustainability

An approach by businesses to create long-term value by considering how they operate in the ecological, social, and economic environment.