Question: 1. Distinguish between secured and unsecured creditors, using examples. 2. Explain the bankruptcy process and describe alternatives to this process. 3. Explain what is meant

1. Distinguish between secured and unsecured creditors, using examples.

2. Explain the bankruptcy process and describe alternatives to this process.

3. Explain what is meant by priority among creditors in bankruptcy? Include examples in your answer.

4. What role does a guarantor play in secured transactions? What are some of the consequences of agreeing to be a guarantor?

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