ACC 480 Final Exam Questions With 100% Correct Answers

ACC 480 Final Exam Questions With 100% Correct Answers. a set of FEDERAL laws that come into play when you, as a debtor, throw your hands up and say you can't pay your bills anymore - answerbankruptcy a liquidation - answerchapter 7 bankruptcy a personal reorganization - answerchapter 13 bankruptcy a business reorganization - answerChapter 11 bankruptcy chapter ________ bankruptcy is when you can't pay for anything so you give everything to the trustee and they liquidate the property by selling it - answerchapter 7 chapter 7 bankruptcy is paid in a _______ ________ portion - answerpro rata sometimes in a bankruptcy, if you have a piece of property that you think you can pay for, you will ____________ that debt - answerreaffirm filling out ____________ right is VERY important for bankruptcy - answerpaperwork after paying creditors, you will walk away with a ___________. (your debts have been paid) - answerdischarge most common types of debt: - answer- medical debt - credit card debt medical and credit card debt are _____________ debt - answerunsecure what are some things you can't discharge in bankruptcy? - answer- student loans - taxes - fines - criminal fines to void debt means to ________ it - answerdischarge ___________ creditors come ahead of ___________ creditors - answersecured, non-secured secured creditors hold _____________ for the debt - answercollateral