Bankruptcy Quiz

A legal process to get out of debt when you can no longer make all your required payment.

• Liquidation

• Bankruptcy

• Mean's Test

• Credit Counseling

Bankruptcy will not remove the following: (Please select all that apply)

• Credit Card Debt

• Student Loans

• Child Support

• Alimony

Pre-bankruptcy credit counseling and pre-discharge debtor education are bankruptcy requirements.

• True

• False

How much you can afford, refers to which of the 5 C's of Credit?

• Collateral

• Capacity

• Conditions

• Capital

• Character

Which of the 5 C's of Credit refers to, making payments of time?

• Character

• Credit

• Conditions

• Capacity

• Collateral

The conversion of assets into cash

• Liquidation

• Inflation

• Debt

• Credit

The most popular bankruptcy option for a small business seeking to restructure and continue operating.

• Ch. 7

• Ch. 11

• Ch. 12

• Ch.13

How many years does bankruptcy stay on your credit?

• 2

• 5

• 7

• 10

After filing a Ch. 13, you must wait this many years to file for it again.

• 2

• 4

• 6

• 8

How many years you must wait after filing Ch.7 to file again.

• 2

• 4

• 6

• 8