Bankruptcy Quiz

When were modern bankruptcy laws passed in the US?

• In 1898

• After the Jubilee

• During the Old Testament

• Before the Civil War

What is the purpose of Chapter 7 bankruptcy?

• To reduce the business amount of debt to allow it to continue operating

• To strip second and third mortgages from a home

• To reorganize debt for individuals

• To discharge all debts except for child support payments and taxes

Which famous business person utilized bankruptcy laws?

• President Trump

• George Foreman

• All of the above

• Walt Disney

What is the main difference between Chapter 7 and Chapter 13 bankruptcy?

• Chapter 7 discharges all debts while Chapter 13 requires monthly payments

• Chapter 7 is for individuals and Chapter 13 is for businesses

• Chapter 7 allows you to keep all your assets while Chapter 13 requires asset liquidation

• Chapter 7 is for liquidations and Chapter 13 is for reorganizations

What is the legal term for removing a lien from a property?

• Jubilee stripping

• Asset liquidation

• Magic Mike maneuver

• Lien reduction

Which bankruptcy chapter allows a business to continue operating while paying back a certain amount of debt?

• Chapter 13

• Chapter 8

• Chapter 7

• Chapter 11

What is the purpose of the Jubilee in the Old Testament?

• To create Mickey Mouse and Snow White

• To free slaves and forgive debts every seven years

• To sell George Foreman grills

• To forgive all crimes for 12 hours

What is the maximum number of years for making monthly payments in Chapter 13 bankruptcy?

• 1 year

• 3 years

• 10 years

• 5 years

What did Walt Disney do after filing for bankruptcy in 1921?

• Created Mickey Mouse

• Filed for bankruptcy protection again

• Became the oldest heavyweight champion

• Sold 100 million George Foreman grills