Your Money and the Law

A declaration of bankruptcy stays on the debtors credit report for _______ years

• 10
• 13
• 5
• 7

There are two types of parties who can guarantee a loan:

• Surities and security agreements
• Guarantors and security agreements
• The debtors and the secured parties
• Guarantors and surities

Student loans do not have to be paid back if you declare bankruptcy.

• True
• False

If a debtor defaults on a loan, the creditor does not have the right to withhold money from the worker's paycheck

• True
• False

If the debtor defaults on a loan, the secured party may take the collateral and sell it at auction.

• True
• False

A ________________ is a creditor's right to use collateral to recover a debt.

• Secured loan
• Collateral
• Guarantor
• Security Interest

Failing to write the date on a check makes it non-negotiable.

• True
• False

A check that is more than six months old is called a ______________

• Stale check
• Void Check
• Insufficient Funds check
• Voidable Check

A order to a third party to pay money.

• Draft
• Note
• Installment Note
• Negotiable Instrument

The transfer of your rights under a contract to someone else.

• Endorsement
• Assignment
• Delegation
• Words of Negotiability