Which of the following statements is FALSE?
A) a person who declares bankruptcy and then earns income before they are discharged may have the time period for discharge extended to 21 months
B) if you declared bankruptcy and have not yet been discharged, extra debts you incur will not be discharged by that bankruptcy if you failed to warn the creditor of your bankrupt status
C) a corporation that declares bankruptcy is not discharged from its debts unless the debts are fully paid off
D) a person may be able to keep some money in an RRSP or RRIF even if they declare bankruptcy
E) an income tax debt of $175,000 cannot be discharged in a personal bankruptcy
E
You might also like to view...
Environmental forces that shape the nature of an organization's actions include social, economic, technological, competitive, and ______ forces.
A. managerial B. relationship C. ethical D. regulatory
What is the optimal order quantity for Kushie's Coffee?
Kushie's Coffee in Bangalore is a quaint establishment nestled near MG Road in the central business district. It serves coffee and fruit cake to a clientele that has been enjoying these products for over fifty years. The demand for coffee beans is 6600 cases per year (each case has 24 ten-pound bags). It would be disastrous for them to run out of coffee, so they keep a safety stock of 30 cases. The cases cost $4800 and it costs $5 per case to order coffee. As coffee is a perishable product, the holding cost is fairly high at $40/case/year. The lead time to receive an order is seven days. Kushie's is open 300 days a year.