Bill has loaned Mark $500, which Mark agreed to repay on January 15, 2012. If Mark files a voluntary petition of bankruptcy on August 1, 2011, Bill has a claim as a creditor.

Question

Quizplus · Accepted Answer

Bill is owed money by Mark as per their agreement, and if Mark files for bankruptcy, Bill becomes a creditor and can make a claim for the owed amount through the bankruptcy proceedings.

Bill Has Loaned Mark $500, Which Mark Agreed to Repay