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Understanding Chapter 13 Bankruptcy

Authored by Kipchoge Whitfield

English

9th Grade

CCSS covered

Used 7+ times

Understanding Chapter 13 Bankruptcy
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16 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is Chapter 13 bankruptcy commonly known as?

Liquidation bankruptcy

Reorganization bankruptcy

Debt discharge bankruptcy

Asset forfeiture bankruptcy

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a key feature of Chapter 13 bankruptcy?

Immediate debt discharge

Creation of a repayment plan

Selling all assets

No repayment required

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How long does a typical Chapter 13 repayment plan last?

1 year

3 to 5 years

10 years

6 months

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Who is eligible to file for Chapter 13 bankruptcy?

Only corporations

Individuals with regular income

Only government entities

Non-profit organizations

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the primary goal of Chapter 13 bankruptcy?

To eliminate all debts

To reorganize and repay debts

To increase credit score

To avoid paying taxes

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following debts can be included in a Chapter 13 repayment plan?

Child support

Secured debts like car loans

Alimony

Criminal fines

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What happens to the debtor's assets in Chapter 13 bankruptcy?

They are sold to pay creditors

They are protected from liquidation

They are seized by the government

They are given to creditors

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