Bankruptcy Basics

Bankruptcy Basics

Assessment

Flashcard

Professional Development

10th Grade

Hard

Created by

Wayground Content

FREE Resource

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11 questions

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1.

FLASHCARD QUESTION

Front

What is bankruptcy?

Back

Bankruptcy is a legal process for individuals or businesses unable to repay their debts, providing relief from some or all of their debts.

2.

FLASHCARD QUESTION

Front

What are the different types of personal bankruptcy?

Back

Chapter 7, Chapter 13

3.

FLASHCARD QUESTION

Front

What is the means test in bankruptcy?

Back

Calculation used to determine if a debtor's income qualifies for Chapter 7 bankruptcy.

4.

FLASHCARD QUESTION

Front

What is Chapter 7 bankruptcy?

Back

Chapter 7 bankruptcy is a legal process that allows individuals and businesses to eliminate most of their debts by liquidating assets.

5.

FLASHCARD QUESTION

Front

What is Chapter 13 bankruptcy?

Back

Chapter 13 bankruptcy is a legal process that allows individuals with a regular income to develop a plan to repay all or part of their debts.

6.

FLASHCARD QUESTION

Front

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

Back

Chapter 7 involves liquidating assets, Chapter 13 involves a repayment plan.

7.

FLASHCARD QUESTION

Front

What are the consequences of filing for bankruptcy?

Back

A lower credit score and difficulty to loaning money

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