Asked by Jared Allen on May 28, 2024
Verified
Which of the following is a term used in bankruptcy for debtors who cannot pay their debts in a timely fashion?
A) Statutory debtors
B) Insolvent debtors
C) Financial transients
D) Financially irresponsible parties (FIPs)
E) Financially reprehensible parties (FRPs)
Insolvent Debtors
Individuals or businesses that are unable to meet their financial obligations or pay their debts as they become due.
- Ascertain the legal liabilities and privileges of a debtor amidst the course of bankruptcy proceedings.
Verified Answer
VR
Veronica RogersMay 31, 2024
Final Answer :
B
Explanation :
Insolvent debtors are debtors who cannot pay their debts in a timely fashion.
Learning Objectives
- Ascertain the legal liabilities and privileges of a debtor amidst the course of bankruptcy proceedings.