A maximum 5-year plan for paying creditors all or a portion of outstanding debt is referred to as a consumer ________________________.
A)bankruptcy
B)proposal
C)consolidation
D)counseling
E)Assurance

Question

Quizplus · Accepted Answer

The term used for a maximum 5-year plan for paying creditors all or a portion of outstanding debt is a consumer proposal. A bankruptcy is a legal process where an individual or business is declared to be unable to pay their debts. Consolidation refers to combining multiple debts into one, and counseling involves seeking advice and guidance on managing finances. Assurance is not a term commonly used in this context.

A Maximum 5-Year Plan for Paying Creditors All or a Portion