Suppose your net worth is $0, meaning you own no assets and have no money in the

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Suppose your net worth is $0, meaning you own no assets and have no money in the bank. You have racked up $10,000 in credit card debt and haven't made a payment to your credit card company in two years. The credit card company sues you, but in the end it receives $0 from you. Why?

a Credit card companies are prohibited from taking legal action against cardholders.

b You are judgment proof.

c You and the credit card company have a surety arrangement with a third party.

d The Fair Credit Reporting Act specifies that college students are not responsible for paying their debts until two years after graduation

Related Book For answer-question

Managerial Accounting for the Hospitality Industry

ISBN: 978-1119386223

2nd edition

Authors: Lea R. Dopson, David K. Hayes

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Posted Date: Feb 09, 2024 05:05 AM

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Managerial Accounting for the Hospitality Industry

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