During firancal distress. businesses and individuals need to identify whether their financal problems are temporany or perrmanent Based on theif bnalyses, businesses and individuals can strategize solutions to resolve financial problerns. Because of the costs related to barioruptcy, bursinesses and individuals can find ways of resolving their credit other than by deciaring formal barkoruptry. Some elements of settlements that do not need to go through formal bankruptoy are described in the table. Identify the terms associated with each descitption: True or False: A feorganization plan resists in the fectructuring of debt that ether involves an extension or a composition. This reorgansaban is a very formal and fairly cornplicated process. time False