Question

Which of the following statements about bankruptcies is not true?
They can prevent people from qualifying for loans.
They may result in debt being restructured.
They may result in debt being forgiven.
The rate of bankruptcies in the U.S. is steadily decreasing.

Answer 1

Answer:

The rate of bankruptcies in the U.S. is steadily decreasing.

Explanation:

Answer 2

In a case of bankruptcy, debt are not forgiven

In law, Bankruptcy means a proceeding which an individual or business is involved as a result of inability to repay their outstanding debts.

• Once bankruptcy is been filed or declared, the creditors will be informed and thus, any proceeding from them will be used to service existing debt.

• When someone is been declared bankrupt, then its prevent them from further loan and such the property of the bankrupted will be administered under law.

In conclusion, the debt are not forgiven, rather, proceeding from creditors and from property are used to service existing debt.

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