ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Judge
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Defendant
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Proof
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Tears
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Detailed explanation-1: -Formal Proof of Claim The information a creditor will need to include is as follows: the debtor’s name and the bankruptcy case number. the creditor’s information, including a mailing address. the amount owed as of the petition date.
Detailed explanation-2: -The application for the individual insolvency can be filed before the Debt Recovery Tribunal (“DRT”) under the Code wherein the threshold of debt, i.e., Rs. 1000/-is met. Applicants can also approach the Debt Recovery Appellate Tribunal to seek a recourse against orders of the DRT.
Detailed explanation-3: -Bankruptcies are considered negative information on your credit report, and can affect how future lenders view you. Seeing a bankruptcy on your credit file may prompt creditors to decline extending you credit or to offer you higher interest rates and less favorable terms if they do decide to give you credit.