WorksheetsBankruptcy
Total questions: 17
Worksheet time: 6mins
This is declared when an individual is unable to pay private or business debts.
Broke
Bankruptcy
Insolvency
Liquidation
A "natural" person only can be made bankrupt.
True
False
A sole trader business can be declared bankrupt.
True
False
A bankrupt person has their affairs & debts administered by:
Justice of the Peace
Trustee
Registered Trustee
Lawyer
If a person owes a creditor $___ or more, the creditor can apply to have the person declared bankrupt.
$1,000
$2,000
$3,000
$5,000
How many years will a person usually remain bankrupt for?
1
2
3
4
A Bankrupt person choose their own qualified Registered Trustee.
True
False
NPII stands for:
National Public Indices Index
National Personal Issues Index
National Public Insolvency Indices
National Personal Insolvency Index
Bankrupt business owners will have a negative credit rating as reporting agencies keep records for ___ years or longer.
5
10
15
20
If a bankrupt business owner wants to travel overseas, who must they get permission from?
Police
Court
National Personal Insolvency Index
Registered Trustee
How many years does a Bankrupt person' name stay on the National Personal Insolvency Index?
5
10
20
For life
A Bankrupt can keep a personal car worth less than $__
$2,000
$5,000
$7,000
$10,000
A Bankrupt can keep trade related tools to the value of $__
$2,300
$3,700
$5,700
$7,500
A Bankrupt person can not still work.
True
False
A Bankrupt person does not have to declare their bankruptcy status to a new employer.
True
False
Children of a bankrupt person will not be personally affected by their parent's bankrupt status.
True
False
Income earned by a bankrupt person will depend on how many children they have.
True
False
