
Understanding Chapter 13 Bankruptcy
Interactive Video
•
Other
•
12th Grade
•
Medium
Juan Jose Moncunill-Molto
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key benefit of filing for Chapter 13 bankruptcy?
Immediate debt cancellation
Automatic approval without court review
Keeping valuable assets while repaying debts
No repayment plan needed
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who distributes the payments to creditors in a Chapter 13 plan?
The bankruptcy judge
Credit counseling agencies
The debtor directly
The Chapter 13 trustee
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must the court find about a Chapter 13 repayment plan for it to be approved?
It is unlikely to succeed
It is proposed in bad faith
It is proposed in good faith
It benefits only the debtor
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the Chapter 13 trustee?
To provide legal advice to the debtor
To represent the creditors in court
To distribute payments to creditors
To approve the repayment plan
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of bankruptcy allows debtors to remain in possession of their assets?
Chapter 9
Chapter 11
Chapter 13
Chapter 7
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a unique feature of Chapter 13 bankruptcy regarding debt discharge?
It discharges fewer debts than Chapter 7
It cannot discharge any debts
It allows for more types of debts to be discharged
It only discharges secured debts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the debtor's non-exempt assets in Chapter 7 bankruptcy?
They are returned to the debtor after discharge
They are held by the court
They are retained by the debtor
They are distributed among creditors
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