SETTLING NORTH AMERICA 1497 1732
THE SOUTHERN COLONIES SETTLEMENT AND GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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debtor
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indigo
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plantation
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Leonard Calvert
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Detailed explanation-1: -Thus option A is the correct answer. ‘A person who is unable to pay his/her debt is called a ‘bankrupt. ‘
Detailed explanation-2: -A debtor is a company or individual who owes money. If the debt is in the form of a loan from a financial institution, the debtor is referred to as a borrower, and if the debt is in the form of securities-such as bonds-the debtor is referred to as an issuer.
Detailed explanation-3: -Your debt will go to a collection agency. Debt collectors will contact you. Your credit history and score will be affected. Your debt will probably haunt you for years.
Detailed explanation-4: -Bankruptcy is a settlement of the debts of someone who is wholly or partially unable to repay their debts. It deals with both secured and unsecured debt. The purpose of the bankruptcy is to distribute your assets fairly among your creditors and protect you from these creditors.