Bankruptcy

Front

Debt can be avoided through which of these: Frivolous spending, Budgeting Finances, Investing in the Stock Market, Employer Benefits?

Back

Budgeting Finances

Front

This type of Bankruptcy is primarily for businesses

Back

Chapter 11

Front

This type of bankruptcy is also known as "straight" or "liquidation"

Back

Chapter 7

Front

The person who owes money to someone else:

Back

Debtor

Front

Which of these debts is not dischargeable: Car Loan, Student Loan, Credit Card, Home Loan

Back

Student Loan

Front

If a person needs to restructure their debt to a repayment plan, they would use:

Back

Chapter 13

Front

How long does a Chapter 7 (straight/liquidation) Bankruptcy stay on the credit report?

Back

10 Years

Front

Liquidation means:

Back

Sell assets to pay off debt

Front

Which ONE of these will probably lead to Bankruptcy? Having student loans of $20,000 when your salary is $50,000, Contacting the loan company to negotiate a lower interest rate, Having car & home loans, multiple credit cards, eating at restaurants most nights, & frequent shopping that exceeds your monthly paycheck, Taking a lower paying job because you like it a lot and there is a chance of promotion

Back

Having car & home loans, multiple credit cards, eating at restaurants most nights, & frequent shopping that exceeds your monthly paycheck

Front

Johnny wants to avoid filing for bankruptcy. Which option should he choose? Options: Keep a log of assets and storing them away to preserve their value, Maxing out credit cards to pay off her debts, such as car & home loans, Making sure creditors are not aware of his finances, or else they might raise the interest rate, Eliminate unnecessary expenses from his budget like eating out, getting rid of cable, finding a cheaper phone plan, & buying only necessities

Back

Eliminate unnecessary expenses from his budget like eating out, getting rid of cable, finding a cheaper phone plan, & buying only necessities