How does a court order to discharge debts benefit the debtor? Under what circumstances do courts grant a discharge?
What will be an ideal response?
In Chapter 7 (liquidation), Chapter 11 (reorganization), Chapter 12 (family farmer and family fisherman), and Chapter 13 (adjustment of debts) bankruptcies, if the requirements are met, the court grants the debtor a discharge of all or some of his, her, or its debts. When discharge is granted, the debtor is relieved of responsibility to pay the discharged debts. In other words, the debtor is no longer legally liable to pay the discharged debts.
You might also like to view...
Which of the following is most likely gained by stores that cluster together?
A) decreased competition B) increased customer pulling power C) compliance with franchise agreements D) creation of retailer cooperatives E) standardization of the service mix
A major problem associated with the use of want books (want slips) is that this technique _____
a. requires a sophisticated data base b. relies on retail salespeople to enter the relevant information c. requires a computer-based retail information system d. requires electronic data interchange capability
Which of the following is a provision for healthy, but not disabled, employees who lose their jobs under the Consolidated Omnibus Budget Reconciliation Act of 1985?
A) They continue to receive a minimum wage until they are able to find new employment. B) They continue to receive medical, dental, and other benefits at no charge under the company's plan until they are able to find new employment. C) They remain eligible to receive benefits under the company's plan for up to 18 months by paying premiums for the policy plus an administration fee. D) They continue to receive medical, dental, and other benefits for up to 29 months by paying an administration fee.
Three critical path activities are candidates for crashing on a CPM network. Activity details are in the table below
Activity Normal Time Normal Cost Crash Duration Crash Cost X 8 days $6,000 6 days $8,000 Y 3 days $1,800 2 days $2,400 Z 12 days $5,000 9 days $7,700 a. What is the crash cost per unit time for each of the three activities? b. Which activity should be crashed first to cut one day from the project's duration; how much is added to project cost? c. Which activity should be the next activity crashed to cut a second day from the project's duration; how much is added to project cost?