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