Bankruptcy Basics
Flashcard
•
Professional Development
•
10th Grade
•
Hard
Wayground Content
FREE Resource
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15 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 bankruptcy? Chapter 15, Chapter 7, Chapter 11, Chapter 13, Chapter 9, Chapter 17
Back
Chapter 7, Chapter 11, Chapter 13
3.
FLASHCARD QUESTION
Front
What is the role of a bankruptcy trustee?
Back
Overseeing the bankruptcy process, managing debtor's assets, and distributing assets to creditors.
4.
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.
5.
FLASHCARD QUESTION
Front
What is the automatic stay in bankruptcy?
Back
A legal provision that halts most actions by creditors to collect debts from a debtor who has declared bankruptcy.
6.
FLASHCARD QUESTION
Front
What are exempt assets in bankruptcy?
Back
Assets that are protected from being liquidated to pay off debts.
7.
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.
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