Understanding Bankruptcy: Chapters 7, 13, and 11
Quiz
•
Other
•
12th Grade
•
Practice Problem
•
Medium
Juan Jose Moncunill-Molto
Used 10+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Benjamin is considering filing for Chapter 7 bankruptcy. What is this type of bankruptcy primarily known for?
Business reorganization
Stopping foreclosures
Repayment plan for individuals
Liquidation of assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ethan, a wage earner, is considering filing for bankruptcy to manage his debts. Which type of bankruptcy is known as a 'wage earner plan'?
Chapter 7
Chapter 9
Chapter 13
Chapter 11
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine a large company, where Avery is the CFO, is facing financial difficulties. What is the main purpose of Chapter 11 bankruptcy for this company?
To eliminate unsecured debt quickly
To reorganize large businesses or individuals with high debt loads
To reorganize a small business
To liquidate personal assets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Samuel is considering filing for Chapter 7 bankruptcy. What does the means test determine in his case?
The number of dependents in Samuel's family
The total assets Samuel possesses
Eligibility based on Samuel's income levels
The amount of secured debt Samuel has
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Avery is considering filing for bankruptcy due to a sudden financial downturn. Which bankruptcy chapter typically concludes within about five months, allowing Avery to start afresh?
Chapter 12
Chapter 13
Chapter 11
Chapter 7
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine Priya is filing for Chapter 13 bankruptcy. What is the approximate debt limit for her unsecured debts?
$200,000
$350,000
$1,000,000
$500,000
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Samuel is considering filing for bankruptcy due to a high volume of both secured and unsecured debts. Samuel has high level of incomes.Which bankruptcy type is most suitable for him?
Chapter 11
Chapter 9
Chapter 13
Chapter 7
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