WorksheetsBankruptcy and Foreclosure
Total questions: 24
Worksheet time: 48mins
Name
Class
Date
1.
Not enough cash flow to cover your liabilities
a)
Bankrupt
b)
Foreclosure
c)
Credit
d)
Mortgage
2.
You should avoid filing bankruptcy at all cost.
a)
true
b)
false (That means the above statement is wrong.)
3.
You should treat bankruptcy as a
a)
Last resort
b)
First option to avoid credit issues.
c)
A smart way to avoid paying credit card bills.
4.
How long does a bankruptcy effect on your credit score?
a)
10 years
b)
8 years
c)
5 years
d)
1 year
5.
Bankruptcy can show up on job applications.
a)
true
b)
false
6.
How long soes bankruptcy stay on your credit report? It may not be effecting your score but will be on your report…
a)
Life
b)
10 years
c)
5 years
d)
37 Days
7.
How many types of personal bankruptcy are there?
a)
2
b)
4
c)
5
d)
8
8.
What are the two types of personal bankruptcy?
a)
Chapter 7 and 13
b)
Chapter 9 and 13
c)
Chapter 2 and 86
9.
"Liquidation Bankruptcy"
a)
Chapter 7
b)
Chapter 13
c)
Chapter 86
10.
Liquidation means to do what?
a)
Sell assets to raise cash.
b)
Soak your debts with cash
c)
Pay off all your credit cards.
11.
The bankruptcy where you do NOT have to sell your assets.
a)
Chapter 13
b)
Chapter 7
c)
Chapter 86
12.
The action of taking posession of property when you do not pay for it.
a)
Foreclosure
b)
Bankruptcy
c)
Credit
13.
Foreclosure deals with Real Estate (Houses and Property)
a)
true
b)
false
14.
How many homes will end up in foreclosure
a)
1 in 200
b)
5 out of 7
c)
1 out of 500
15.
Approximately how many home enter foreclosure every year?
a)
700 Thousand
b)
100 Thousand
c)
10,000
16.
How long does foreclosure stay on your credit?
a)
7 years
b)
5 years
c)
2 years
d)
15 years
17.
Which of the following is a reason lenders DO NOT WANT you to go into foreclosure?
a)
They lose from 20% to 80% of their investment
b)
It is bad publicity for them.
c)
The people that work for the lenders have to work longer hours.
18.
Lenders will offer you help if you need it.
a)
True
b)
False
19.
32% of people going into foreclosure do so because they lost their job.
a)
True
b)
False
20.
25% of people going into foreclosure do so because they developed a health issue.
a)
True
b)
False
21.
If you are in trouble and can not make your home or property payments you should do this first.
a)
Contact your lender
b)
Cancel your credit cards
c)
Just ignore it
d)
Sell your car
22.
You should avoid all calls and mail from your lender.
a)
True
b)
False
23.
HUD has counselors that you can contact for advice.
a)
True
b)
False
24.
Most companies the offer to "Stop foreclosure immediately" are usually a…
a)
Scam
b)
Bargan
c)
Good Deal
d)
Solid
100 %
