Ch 24: MTEL Business: Creditors' Rights & Bankruptcy

About This Chapter

This chapter's lessons on bankruptcy proceedings and the rights of creditors consist of several definitions and processes. Reviewing this chapter of the MTEL Business course will give you an excellent review of bankruptcy filing procedures and refresh your memory for the exam.

MTEL Business: Creditors' Rights & Bankruptcy - Chapter Summary

In bankruptcy cases, there's a deep level of information to digest. This collection of lessons in the MTEL Business review course will go over the steps involved in bankruptcy in the United States so that you have a solid understanding of all the terms and concepts that will be appearing on the MTEL Business exam. Along with creditors' rights, the topics covered in this course include the following:

  • Business law
  • Debt collection and repossession
  • Examples of secured transactions
  • An explanation of bankruptcy
  • Chapter 7 and chapter 11 bankruptcy

The lessons contained in this chapter include sets of self-assessment quizzes that are designed to give you an idea of how completely you know each section, as well as showing you a preview of what is to come on the MTEL Business exam. If you need additional support, you can contact the team of experts at with one click on your dashboard, and they can answer any bankruptcy questions you have.

7 Lessons in Chapter 24: MTEL Business: Creditors' Rights & Bankruptcy
Test your knowledge with a 30-question chapter practice test
Creditors' Rights and Business Law

1. Creditors' Rights and Business Law

In business law, one of the most important protective measures that exists is creditor's rights. This lesson explores the definitions of creditors and debtors, secured and unsecured debt, and security interests and collateral.

Debt Collection and Repossession Rights

2. Debt Collection and Repossession Rights

When a creditor is able to claim an asset from a debtor who failed to make payments on a loan, they have repossession rights, which is a part of debt collection. Learn the definitions of secured loans, collateral and mortgage, the process of repossession, and what happens during a foreclosure.

Secured Transactions: Examples & Explanations

3. Secured Transactions: Examples & Explanations

A secured transaction occurs when a lender is given security interest in the property of the debtor. Discover more about this type of transaction, including how secured transactions work, what it means to perfect interest, and how a debtor can default the transaction.

Overview of Bankruptcy in the US

4. Overview of Bankruptcy in the US

Sometimes people and even businesses get behind on their bills and can no longer make payments. Bankruptcy is a way for those who cannot pay their debt to sell off assets to repay their creditors.

Chapter 7 Bankruptcy: Definition & Process

5. Chapter 7 Bankruptcy: Definition & Process

In this lesson, we'll define Chapter 7 bankruptcy. You'll learn about the filing requirements and what happens before and after you file. We'll also discuss which property you can retain and which property you must return.

Chapter 11 Bankruptcy: Definition, Protection & Process

6. Chapter 11 Bankruptcy: Definition, Protection & Process

In this lesson, you will learn what Chapter 11 Bankruptcy is, how it works, and what protections it provides to the filer. The process from filing to completion under Chapter 11 protection will also be chronicled.

Creditor Rights in Bankruptcy

7. Creditor Rights in Bankruptcy

When bankruptcy is filed by a business or individual, the creditors impacted by the bankruptcy have rights. Understand the definition of bankruptcy, learn the differences between Chapter 7, Chapter 13, and Chapter 11 bankruptcy, and examine the creditor rights under each of these bankruptcy types.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the MTEL Business (19): Practice & Study Guide course