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

Business law is a broad area of law that covers many different topics. One important topic concerns creditors' rights. This lesson generally explains the role of creditors and creditors' rights in terms of business law.

Debt Collection and Repossession Rights

2. Debt Collection and Repossession Rights

When a debtor fails to make payments on a secured loan, the creditor can usually reclaim the collateral. This lesson explains when a creditor has a right to repossession or foreclosure.

Secured Transactions: Examples & Explanations

3. Secured Transactions: Examples & Explanations

A secured transaction is any deal in which a creditor receives a security interest in the debtor's property. This lesson explains what a secured transaction is and how these transactions work.

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

Bankruptcy is governed by federal law and allows a debtor the legal right to reorganize, and sometimes discharge, his or her debts. This lesson explains the three main types of bankruptcy proceedings.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Other Chapters

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