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11 Cards in this Set
- Front
- Back
What kind of assignment must one make into bankruptcy?
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voluntary
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What does one's legal status change to when they declare bankruptcy?
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from debtor to bankrupt
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What do you lose control of if you go bankrupt?
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all of your property
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What is involuntary proceeding?
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being forced into bankruptcy by a creditor
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Why are the numbers of bankruptcies rising?
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because of the ease of access to obtain a credit card
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Who preceded over the first bankruptcy act and in what year?
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King Henry VIII
1542 |
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In the 1700's, bankruptcy was considered a felony, so what was allowed to be done to the debtor?
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could put the debtor to death
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In Canada, there is liquidation or reorganization. What is reorganization?
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making a deal; debtor will take over a longer amount of time to pay
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What does WEPPA do?
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protect unpaid workers for their wages; can compensate workers; make an application and the funds are paid directly to you by the government
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Rehabilitation and ___________ are inherently linked.
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discharge
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What is discharge?
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released from prior debt, with some exceptions; exempts property
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