During financial distress, businesses and individuals need to identify whether their financial problems are temporary or permanent. Based on their analyses, businesses and individuals con strategize solutions to resolve financial problems. Because of the costs related to bankruptcy, businesses and individuals can find ways of resolving their credit other than by declaring formal bankruptcy. Some elements of settlements that do not need to go through formal bankruptcy are described in the table. Identify the terms associated with each description. Description Term A debt workout plan in which the debtor negotiates with the creditor to reschedule existing debt payments. Liquidation A group, usually associated with a credit managers' association, that convenes to realign the debt structure to give the debtor a more practical arrangement for meeting financial obligations. Extension True or False: When reorganization plans are created, creditors prefer an extension because they expect to receive full payment eventually. O False True A group, usually associated with a credit managers' association, that convenes to realign the debt structure to give the debtor a more practical arrangement for meeting financial obligations. THIS Calon Wan Adjustment bureau Credit bureau