If the debtor continues not to pay the underlying debt, the creditor can foreclose on the debtor's real property to collect the amount due.
Notes, bonds, certificates, mortgages, leases or other agreements between a lender and a borrower are collectively called debt instruments. These are papers or electronic obligations which enable an issuing party to be able to raise funds by making a promise to repay the lender in agreement with the terms and conditions of a contract. It is a legal enforceable evidence of a debt. This document is important because it makes the payment enforceable legally and it would increase the transferability of the obligation. These can be long term or short term obligations. Short term are those to be paid within a year while long term are those paid periodically for more than a year.
Where are the multiple choices?
For chapter 7 bankruptcy it takes 10 years for it to be removed from the credit report.
Doing simple math here-
45 + 10 = 55
Johnny will be 55 years old when the bankruptcy is removed from his credit report.
