involuntary bankruptcy is when the debtor files for bankruptcy even though he or she wants to retain some assets.

The Consumer Credit Protection Act is also known as the Truth in Lending Law.

When filing for Chapter 7 bankruptcy, the debtor must have a family income below the state's average family income.

Bankruptcy law is not found in federal statutory law. It is found in each state's statutes.

If a debtor defaults on a loan, the creditor does not have the right to withhold money from the worker's paycheck.

All debts may be discharged under the Bankruptcy Act.

A lawyer's duty of confidentiality to a client is essential to establish trust and protect the interests of the client.

The Fair Debt Collection Practices Act makes it illegal for:

Ordinary bankruptcy is also called:

The form of bankruptcy that lets family farmers develop a plan for debt repayment and keep their business running is called:

If you believe an error has been made on your credit card bill, how long do you have to notify the creditor from the date of the credit card statement?

To assist customers who receive bills for charges they dispute, Congress passed the:

The moment a petition for bankruptcy is filed in the court:

Which of the following is not one of the national credit reporting agencies in the United States?

As part of the "fresh start" policy of the Bankruptcy Act, some assets called ___________, can be kept by the debtor.

Under the ________ Act, you have the right to know anyone who has received a copy of your credit report in the past year.

The nonprofit organization that provides confidential debt-counseling services is called the Consumer ______ Service.

Some debts, such as student loans, cannot be _______ because of bankruptcy.

The _______ Law requires that lenders tell you both the finance charge and the annual percentage rate (APR) of the loan.

Creditors have the right to __________ property when a debtor defaults on a loan.

___________ bankruptcy offers a method for businesses to reorganize their financial affairs and still remain in business.

The ________ Act requires creditors to correct billing that are brought to their attention.

A law that grants people the right to know their own personal information that is in a credit reporting agency's files

A law that makes it illegal to discriminate against credit applicants

A law restricting the amount of interest that can be charged.

Allows individual debtors to discharge their debts and get a fresh start

Requires creditors to correct billing errors brought to their attention

Also known as the Truth in Lending Law

A legal procedure through which a worker's earnings are withheld to pay a debt.

When a creditor reclaims property on which it was a lien

Allows businesses to reorganize their financial affairs and still remain in business

The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors

Explain why people or businesses might declare bankruptcy.

Compare voluntary and involuntary bankruptcy.

When the debtor's property is sold to obtain cash, which debts are paid first?