Bankruptcy

Bankruptcy is classified into how many categories

• 1

• 2

• 3

• 4

This involves the sale of assests; exchanging goods for cash

• Liquidate

• emancipation

• retribution

• socialism

This type of bankruptcy is intended to rebuild/repair the debtor/creditor relationship

• Chapter 7

• Chapeter 11

• Chapter 12

• Chapter 13

This type of bankruptcy is for individuals only

• Chapter 7

• Chapter 11

• Chapter 12

• Chapter 13

This type of bankruptcy allows farmers to get out of debt without selling their assests

• Chapter 7

• Chapter 11

• Chapter 12

• Chapter 13

This type of bankruptcy allows the business owner to reogranize/restucuture their business to pay of their debt.

• Chapter 7

• Chapter 11

• Chapter 12

• Chapter 13

Declaring bankruptcy will be reflected on your credit report for how many years?

• 7

• 8

• 10

• 11

A social consequence to filing for bankruptcy

• Not receiving a job offer

• Not qualifing for a loan

• Not qualifing for insurance

• Having an unfavorable reputition in the community

Bankruptcy may result in all of the following except?

• Divorce

• job loss

• Medical expenses

• Job promotion

Which agency is responsible for ensuring there is a healthy econmy in the United States

• Federal Reserve Board

• The Supreme Court

• U.S. Dept of Treasury

• United States Banking Commission