Questions: Multiple Choice Question In which of the following are many but not all debts forgiven? Incomplete bankruptcy Partial debt recovery Lending leniency reporting Straight bankruptcy Need help? Revlew these concept resources. Read About the Concept

Multiple Choice Question In which of the following are many but not all debts forgiven? Incomplete bankruptcy Partial debt recovery Lending leniency reporting Straight bankruptcy Need help? Revlew these concept resources. Read About the Concept
Transcript text: Multiple Choice Question In which of the following are many but not all debts forgiven? Incomplete bankruptcy Partial debt recovery Lending leniency reporting Straight bankruptcy Need help? Revlew these concept resources. Read About the Concept
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Solution

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The answer is B: Partial debt recovery.

Explanation for each option:

A. Incomplete bankruptcy: This is not a recognized term in bankruptcy law. Bankruptcy proceedings are typically categorized as Chapter 7 (liquidation) or Chapter 13 (reorganization) in the United States, and they do not use the term "incomplete bankruptcy."

B. Partial debt recovery: This option suggests that some debts are forgiven while others are not, which aligns with certain bankruptcy proceedings where creditors may receive only a portion of what they are owed. This is common in Chapter 13 bankruptcy, where a repayment plan is established, and some debts may be discharged after the plan is completed.

C. Lending leniency reporting: This term does not directly relate to the forgiveness of debts. It might refer to a lender's practice of reporting leniency in repayment terms, but it does not imply the forgiveness of debts.

D. Straight bankruptcy: This typically refers to Chapter 7 bankruptcy, where most debts are discharged, but not all types of debts are forgiven. Certain obligations, like student loans, child support, and certain taxes, are generally not dischargeable.

Therefore, the most appropriate choice for a situation where many but not all debts are forgiven is "Partial debt recovery."

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