What is a lien?
Bankruptcy Ch.8 & 9

Flashcard
•
English
•
9th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A lien is a legal right to keep possession of property belonging to another person until a debt owed by that person is discharged.
2.
FLASHCARD QUESTION
Front
What does repossession mean?
Back
Repossession is the act of taking collateral when a borrower fails to repay a loan.
3.
FLASHCARD QUESTION
Front
What is garnishment?
Back
Garnishment is a legal procedure requiring a portion of the debtor’s pay to be set aside by the person’s employer to pay creditors.
4.
FLASHCARD QUESTION
Front
What is debt?
Back
Debt is something that is owed that will decrease future earnings.
5.
FLASHCARD QUESTION
Front
How do you calculate owner’s capital?
Back
Owner’s capital equals total assets minus total liabilities.
6.
FLASHCARD QUESTION
Front
What is Chapter 7 Bankruptcy?
Back
Chapter 7 Bankruptcy is a type of bankruptcy that involves the liquidation of assets to pay off debts.
7.
FLASHCARD QUESTION
Front
What is Chapter 11 Bankruptcy?
Back
Chapter 11 Bankruptcy is a type of bankruptcy that allows businesses to reorganize and continue operating while repaying creditors.
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