Credit Protection and Bankruptcy - Chapter 12 BUSLAW

Debts caused by fraud or back taxes still have to be repaid even if you qualify for bankruptcy.

• True

• False

involuntary bankruptcy is when the debtor files for bankruptcy even though he or she wants to retain some assets.

• True

• False

The Consumer Credit Protection Act is also known as the Truth in Lending Law.

• True

• False

When filing for Chapter 7 bankruptcy, the debtor must have a family income below the state's average family income.

• True

• False

Bankruptcy law is not found in federal statutory law. It is found in each state's statutes.

• 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

All debts may be discharged under the Bankruptcy Act.

• True

• False

A lawyer's duty of confidentiality to a client is essential to establish trust and protect the interests of the client.

• True

• False

The Fair Debt Collection Practices Act makes it illegal for:

• creditors to report you as being delinquent because you are disputing a bill

• you to seek the services of a credit repair organization

• debt collectors to impersonate government officials

• banks and businesses to discriminate against potential creditors

Ordinary bankruptcy is also called:

• Chapter 7

• Chapter 11

• Chapter 12

• Chapter 13