Lesson 19-2 Review

Front

Under _____, debtors may keep their property but must submit a payment plan to the court for repaying a substantial portion of their debts.

Back

reorganization

Answer explanation

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Front

_____ is a legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay.

Back

Bankruptcy

Answer explanation

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Front

_____ debts are debts erased by the court during bankruptcy proceedings.

Back

Discharged

Answer explanation

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Front

Commonly called _____ bankruptcy, Chapter 7 bankruptcy is a liquidation form of bankruptcy for individuals.

Back

straight

Answer explanation

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Front

The agreement to pay debts that have been legally discharged is called _____

Back

reaffirmation

Answer explanation

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Front

Assets considered necessary for survival are called _____ property.

Back

exempted

Answer explanation

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Front

_____ is an agreement to repay discharged debts.

Back

Reaffirmation

Answer explanation

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Front

_____ is a situation in which creditors ask the court to declare a debtor bankrupt.

Back

Involuntary bankruptcy

Answer explanation

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Front

_____ is a situation in which a debtor files a petition asking to be declared bankrupt.

Back

Voluntary bankruptcy

Answer explanation

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Front

When you are _____, it means you are unable to pay your bills (a synonym for the term bankrupt).

Back

insolvent

Answer explanation

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