COPYRIGHTED MATERIAL
LET’S PRACTICE
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Matchy-Match Bankruptcy
Match the bankruptcy-related term to the definition.
Chapter 11
Chapter that provides for the reorganization of debts of a person with regular income
discharge
Elimination in bankruptcy of legal liability for a debt
Chapter providing for a liquidation of debtor’s assets to pay creditors PRODUCT PREVIEW Form filed by a creditor indicating what the debtor owes them Assets which may be liquidated to pay creditors A debt secured by collateral Mandatory sale of assets to pay debts Assets which may not be sold to pay creditors The state of being unable to meet financial obligations Chapter that provides for a reorganization of the debts of an operating business.
insolvent
Chapter 7
U.S. trustee
automatic stay
Proof of Claim
repayment plan
liquidation
nonexempt
Number of years that must pass before a debtor can file another Chapter 7 bankruptcy
secured claim
Impartial administrator of the bankruptcy case
exempt
Suspension of any action by a creditor against the debtor to collect the debt
Chapter 13
A written strategy showing how the individual debtor will repay their creditors within 3-5 years
eight
Chapter 18 | Resolving Insolvency 362
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