

6.04 Bankruptcy Law
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
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6 questions
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1.
FLASHCARD QUESTION
Front
Chapter 7 is for people seeking to discharge unsecured debts quickly. The downside is that assets must potentially be liquidated.
Back
True
2.
FLASHCARD QUESTION
Front
Bankruptcy allows for a fresh start and makes it easier to obtain new credit
Back
False
3.
FLASHCARD QUESTION
Front
This type of bankruptcy requires a low income level, otherwise the debtor may be required to file under a different chapter
Back
Chapter 7
4.
FLASHCARD QUESTION
Front
This bankruptcy type requires a court approved repayment plan and allows for a repayment period of 3 to 5 years.
Back
Chapter 13
5.
FLASHCARD QUESTION
Front
This bankruptcy type requires a repayment plan to pay off debts and relies on income to repay the debts. Select all that apply: Chapter 13, Chapter 11, Chapter 7, Chapter 12
Back
Chapter 12
6.
FLASHCARD QUESTION
Front
This bankruptcy filing is open to eligible farmers and fishermen only.
Back
Chapter 12
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