Asked by Jacob Liscinsky on Apr 24, 2024
Verified
Failure to make payments on a loan is ________.
A) Chapter 7 bankruptcy
B) default
C) Chapter 11 bankruptcy
D) leverage
E) Chapter 7,Chapter 11,or Chapter 13 bankruptcy
Default
Failure to make payments on a loan.
Loan Payments
Periodic payments made towards the balance and interest of a loan, following a predefined schedule until the loan is fully repaid.
Chapter 7
A provision under U.S. bankruptcy law for liquidating a debtor's assets to pay off creditors.
- Determine the circumstances in which bankruptcy affects secured transactions.
Verified Answer
NH
Nguy?n Huy ThànhMay 02, 2024
Final Answer :
B
Explanation :
When a debtor fails to make payments on a loan,the debtor defaults on the loan.
Learning Objectives
- Determine the circumstances in which bankruptcy affects secured transactions.