Debtor Rights and Protections

Debtor Rights and Protections

Assessment

Interactive Video

Business, Social Studies

University

Hard

Created by

Quizizz Content

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The video tutorial explains the rights and protections available to debtors under federal law. It covers the Truth in Lending Act, which ensures transparency in loan terms, the Fair Credit Billing Act, which allows credit card users to dispute charges, and the Fair Debt Collection Practices Act, which protects against abusive collection methods. Additionally, it discusses bankruptcy protection, which helps debtors reorganize or liquidate assets to manage debts. These laws collectively safeguard debtors at different stages of the financial process.

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of the Truth in Lending Act?

To prevent abusive collection practices

To allow debtors to dispute invalid charges

To ensure borrowers are fully informed about loan terms

To protect creditors from fraudulent borrowers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which law protects a debtor before they incur a debt?

Truth in Lending Act

Bankruptcy Protection

Fair Credit Billing Act

Fair Debt Collection Practices Act

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which law primarily applies to credit card debt and allows debtors to dispute charges?

Truth in Lending Act

Bankruptcy Protection

Fair Credit Billing Act

Fair Debt Collection Practices Act

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which law requires creditors to disclose the interest rate and terms of payment for credit card debts?

Bankruptcy Protection

Fair Credit Billing Act

Fair Debt Collection Practices Act

Truth in Lending Act

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Fair Debt Collection Practices Act protect debtors from?

Abusive collection methods

High interest rates

Invalid credit card charges

Unfair loan terms

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum period over which unsecured debts can be paid off under bankruptcy protection?

Fifteen years

Ten years

Seven years

Five years

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does bankruptcy protection allow debtors to do?

Dispute all charges on their credit card

Reorganize or liquidate assets to pay off debts

Receive loans without interest

Avoid paying any debts