Bankruptcy Quizizz

Which of the following bankruptcies CANNOT be involuntary?

• Chapter 7
• Chapter 11
• Chapter 13
• No bankruptcy is ever involuntary

What is the purpose of bankruptcy?

• To take everything a person owns
• bankruptcy prevents a person from ever having debt again
• Bankruptcy allows a person to have a fresh start and a way to get out of debt
• bankruptcy ensures the banks get all their money

Which of the following bankruptcies are NOT available to to businesses

• Chapter 7
• Chapter 11
• Chapter 13
• All of these are available to businesses

In bankruptcy, what does the term liquidation mean?

• Liquidation is the process of getting bankruptcy approved
• Liquidation is the process of ice turning into water
• Liquidation is when a company sells products to make a profit
• Liquidation is when a business sells all of its assets and uses the money to pay some or all of its debts

Which form of bankruptcy is the most common?

• Chapter 7
• Chapter 11
• Chapter 13
• Chapter 10001011100101

Which form of bankruptcy involves liquidation of assets

• Chapter 7
• Chapter 11
• Chapter 13
• I forgot what liquidation means

Which form of bankruptcy is designed to allow a PERSON to "reorganize" their debt and develop a payment plan?

• Chapter 7
• Chapter 11
• Chapter 13
• All of them

Which form of bankruptcy allows a person or business to discharge (get rid of) their debt?

• Chapter 7

• Chapter 13

• Chapter 11

• Huh?

This bankruptcy is often referred to as Corporate bankruptcy because it is mainly used businesses

• Chapter 7
• Chapter 11
• Chapter 13

In what situation would a person file for bankruptcy?

• They are totally unable to pay all of their debts
• Paying their debts would require them to live a lesser lifestyle
• They want to make lots of money in the future
• They have no hope of ever having a job