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Andre45
19 days ago
11

Which statement best describes what happens when people declare bankruptcy? Some of their debts can be eliminated, and loan term

s are renegotiated with lenders. All of their debts are eliminated, and they are given a fresh start. All of their debts are eliminated, but they have to sell their assets, such as their homes. Some of their debts can be eliminated, but they must agree not to take on more debt.
Biology
2 answers:
Tresset [1.6K]19 days ago
8 0
Some debts may be wiped out and the loan conditions are renegotiated.
-BARSIC- [1.9K]19 days ago
3 0

Answer

In the event of bankruptcy, some debts are reduced and loan conditions are renegotiated

Explanation

When someone goes bankrupt, available personal assets and any income are utilized to pay off what is owed to creditors. After one year of bankruptcy, the remaining debts can be discharged. A person can be declared bankrupt by a High Court through a bankruptcy petition.



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