Asked by Jackie Balarezo on Jul 07, 2024
Verified
Bankruptcy remedies are available to individuals and corporations,but not to partnerships.
Bankruptcy Remedies
Legal actions and procedures intended to address financial insolvency, allowing a person or business to eliminate or reorganize debts.
Corporations
Legal entities that are separate from their owners, capable of owning property, entering into contracts, and being sued.
Partnerships
Business arrangements where two or more individuals share the ownership, responsibilities, profits, and losses of a business enterprise.
- Explain the impact of bankruptcy on secured transactions.
Verified Answer
TQ
Thomas QuacoJul 12, 2024
Final Answer :
False
Explanation :
When an entity is unable to pay its debts,bankruptcy law provides various options for the entity to resolve those debts.Bankruptcy remedies are available for individuals,partnerships,and corporations.
Learning Objectives
- Explain the impact of bankruptcy on secured transactions.