Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What is the main difference between being insolvent and being bankrupt?
What is the main difference between being insolvent and being bankrupt?
- Insolvency refers to the inability to meet financial obligations, while bankruptcy is a legal process for managing debt. (correct)
- Insolvency and bankruptcy are interchangeable terms for the same financial situation.
- Insolvency is a temporary financial difficulty, while bankruptcy is a permanent financial situation.
- Insolvency is a legal process for managing debt, while bankruptcy refers to the inability to meet financial obligations.
What are some alternatives to personal bankruptcy?
What are some alternatives to personal bankruptcy?
- Winning the lottery, gambling, and taking out a second mortgage.
- Credit counselling, debt consolidation, and consumer proposals. (correct)
- Selling assets, borrowing from friends and family, and using credit cards.
- Investing in stocks and shares, starting a business, and taking out a loan.
What is the minimum amount of debt you must owe to be eligible for personal bankruptcy in Canada?
What is the minimum amount of debt you must owe to be eligible for personal bankruptcy in Canada?
- $15,000
- $5,000
- $10,000
- $1,000 (correct)
Flashcards are hidden until you start studying
