If the creditor may keep the property used as collateral in his possession if the debtor defaults, the UCC does not require a lawsuit if there is a security agreement.
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Q21: Even if a debtor's salary is more
Q22: Only businesses are able to file for
Q30: Unsecured creditors have few practical ways to
Q31: Lori owes the bank the full amount
Q32: The bankruptcy trustee is appointed to represent
Q33: In liquidation secured creditors are paid first
Q35: Chapter 7 allows business entities to keep
Q36: Bankruptcy laws come solely from state statutes
Q37: The U.S.Constitution does not address bankruptcy laws.
Q39: The order of payment for unsecured creditors
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