1. Chapter13 permits the discharge of some debt, as well as the repayment of other debt over a period of three to five years.

True

False

2. Insolvency occurs when a debtor:

is unable to pay his/her debts as they become due.

has a larger number of unsecured creditors than secured creditors.

is unemployed for two consecutive years.

is declared bankrupt by a Certified Accountant