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Bankruptcy

Quiz by Travis Schindler

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18 questions
Show answers
  • Q1
    What is the primary purpose of filing for bankruptcy?
    To obtain relief from debt
    To hide assets from creditors
    To acquire more debt
    To receive a loan
    30s
  • Q2
    Which type of bankruptcy is often referred to as 'liquidation'?
    Chapter 7 bankruptcy
    Chapter 13 bankruptcy
    Chapter 12 bankruptcy
    Chapter 11 bankruptcy
    30s
  • Q3
    What is a consequence of declaring bankruptcy?
    A significant impact on credit score
    Guaranteed loan approval
    Immediate wealth increase
    Permanent removal of all debts
    30s
  • Q4
    What must individuals do before filing for Chapter 13 bankruptcy?
    Sell all their assets
    File a lawsuit
    Complete credit counseling
    Acquire a new credit card
    30s
  • Q5
    Which of the following is a common myth about bankruptcy?
    Bankruptcy erases all types of debt
    You will go to jail for filing bankruptcy
    Bankruptcy will ruin your credit forever
    You cannot own property after bankruptcy
    30s
  • Q6
    What is the difference between Chapter 7 and Chapter 13 bankruptcy?
    Chapter 7 involves liquidation, while Chapter 13 involves repayment plans
    Chapter 7 is only for businesses, Chapter 13 is for individuals
    Chapter 7 lasts longer than Chapter 13
    Chapter 7 requires no income verification, Chapter 13 does
    30s
  • Q7
    What type of bankruptcy is typically filed by individuals in the United States?
    Chapter 13 bankruptcy
    Chapter 11 bankruptcy
    Chapter 5 bankruptcy
    Chapter 7 bankruptcy
    30s
  • Q8
    Which chapter of bankruptcy allows for a repayment plan over a period of time?
    Chapter 12 bankruptcy
    Chapter 7 bankruptcy
    Chapter 11 bankruptcy
    Chapter 13 bankruptcy
    30s
  • Q9
    What is a common misconception about bankruptcy?
    It allows unlimited borrowing
    It never impacts your credit history
    It is a way to get rich quickly
    It erases all types of debt
    30s
  • Q10
    What happens to a person's assets when they file for Chapter 7 bankruptcy?
    They become tax-deductible
    They may be sold to pay creditors
    They are transferred to the government
    They are automatically forgiven
    30s
  • Q11
    What is the process called that allows businesses to reorganize and keep operating while paying off their debts?
    Chapter 13 bankruptcy
    Chapter 11 bankruptcy
    Chapter 7 bankruptcy
    Insolvency procedure
    30s
  • Q12
    What is the 'automatic stay' in bankruptcy proceedings?
    A legal halt to all collection activities
    A type of bankruptcy plan
    A court hearing for creditors
    A requirement for all debtors
    30s
  • Q13
    Which type of debt is typically NOT discharged in bankruptcy?
    Student loans
    Medical bills
    Personal loans
    Credit card debt
    30s
  • Q14
    What is one benefit of filing for Chapter 13 bankruptcy?
    No credit score impact
    Protection against foreclosure
    Access to new loans
    Immediate debt forgiveness
    30s
  • Q15
    What is one of the main reasons individuals file for bankruptcy?
    Getting a new job
    Winning the lottery
    Medical expenses
    Starting a business
    30s

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