Bankruptcy Basics
Flashcard
•
Professional Development
•
10th Grade
•
Hard
Wayground Content
FREE Resource
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11 questions
Show all answers
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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