Asked by itzel torres on May 05, 2024
Verified
If a debtor cannot pay their debts in a timely fashion, they are known as
A) problematic debtors
B) insolvent debtors
C) in arrears debtors
D) Foreclosed debtors
E) statutory transactors
Insolvent Debtors
Individuals or entities that are unable to meet their financial obligations or repay their debts.
Debts
Money owed by one party to another under an agreement to repay borrowed funds or obtained resources.
Debtor
An individual or entity that owes money to another party.
- Become aware of the limitations inherent in bankruptcy support, specifically those involving non-dischargeable obligations.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
B
Explanation :
Insolvent debtors are those who cannot pay their debts when they are due, indicating a financial state where liabilities exceed assets or cash flow is insufficient to meet immediate obligations.
Learning Objectives
- Become aware of the limitations inherent in bankruptcy support, specifically those involving non-dischargeable obligations.