An Individual May Not Be Granted a Discharge If the Individual

question 48

Multiple Choice

An individual may not be granted a discharge if the individual _____.

• A) has obtained one within the previous eight years
• B) submits to the questioning of the creditors
• C) works for a corporation
• D) has obtained a loan from a secured creditor

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Definitions:

Partnership

A business structure in which two or more individuals manage and operate a business in accordance with terms and objectives set out in a Partnership Agreement.

Corporation

A legal entity separate from its owners, with its rights and liabilities, that is formed to conduct business or other activities.

Limited Liability

A legal principle that limits an investor's or owner's financial loss in a business venture to the amount of capital they have invested.

Carelessness

The lack of attention or consideration for the consequences of one's actions, often leading to mistakes or accidents.