Bankruptcy

What were 3 main short-term causes of the French Revolution

• Bankruptcy, Great Fear and Estates-General

• Bankruptcy, Franco-Prussian War, Great Fear

• Louisiana Purchase, Estates-General, Franco-Prussian War.

• Great Fear, Peninsular War, Bankruptcy.

a legal proceeding for distributing to creditors the assets of those unable to pay their debts

• bankruptcy

• direct tax

• eminent domain

• indirect tax

For what purpose does the Constitution give Congress the power to regulate bankruptcy?

• to finance projects that current revenues cannot cover

• to coin money and regulate its value

• to act on matters affecting the nation's security

• to establish uniform procedures for dealing with insolvent debtors

Which chapter of bankruptcy is for people with little-to-no income and requires them to sell (liquidate) their assets to pay creditors with?

• Chapter 7

• Chapter 11

• Chapter 13

Which chapter of bankruptcy is for people who have enough income to pay their creditors through a payment plan?

• Chapter 7

• Chapter 11

• Chapter 13

A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment

• Foreclosure

• Bankruptcy

• Credit Report

• Default

What is the primary purpose of bankruptcy laws in a society?

• To punish those who cannot pay their debts

• To provide a fresh start for debtors and fair distribution to creditors

• To increase government revenue through fines

• To encourage people to take more loans

Which historical event was significantly influenced by national bankruptcy in France?

• The Industrial Revolution

• The French Revolution

• The American Civil War

• The Renaissance

What is the term for a bankruptcy process that allows businesses to reorganize and continue operating while repaying creditors?

• Chapter 7

• Chapter 11

• Chapter 13

• Chapter 9

Which of the following is NOT a common cause of personal bankruptcy?

• Medical expenses

• Gambling losses

• Winning a lottery

• Job loss