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Terms in this set (23)

- a mechanic's lien involves personal property
-an employer can dismiss an employee due to garnishment
- each state permits a debtor to retain all of the family home, free from unsecured creditor's claims
- a surety cannot use defenses available to the debtor to avoid liability on an obligation to a creditor
-a consumer cannot rescind a contract freely entered into
-a consumer can include a note in his or her credit file to explain any misinfo. in the file, but the misinfo. cannot be deleted
-the fair debt collection practices act applies to anyone who attempts to collect a debt
-there are no federal agencies that regulate sales
- one who leases consumer goods in the ordinary course of business does not have to disclose any material terms in writing
-a financial stmt is not effective if it is filed electronically
-a secured creditor's right to proceeds exists for only 10 days after the debtor's receipt of proceeds
-to be valid, a financial stmt does not need to contain a description of the collateral
-after a default, & before a secured party disposes of the collateral, a debtor cannot exercise the right of redemption
-when 2 secured parties have perfected security interests in the same collateral, generally the most recent to perfect has priority
- a debtor must be insolvent to file a voluntary petition under chapter 7
-the filing of a petition for bankruptcy will not say most legal actions against the debtor
-under chapter 13, a bankruptcy may be commenced by voluntary petition only
-a business debtor who files for chapter 11 protection cannot continue in business
- no small business can avoid creditor's committees under chapter 11
-bankruptcy proceedings are held in state bankruptcy courts under state law