WorksheetsBankruptcy and Credit
Total questions: 18
Worksheet time: 9mins
A financial "fresh start" for an individual might be found through which of the following?
Filing Chapter 1
Filing Chapter 7
Filing Chapter 17
Filing Chapter 21
The person who owes money to someone else is the
debtor
creditor
loser
owebewon
Laws created to protect both debtors and creditors are called ___.
Financial freedom laws
Money tree laws
Credit protection laws
Lottery laws
You have not been able to pay the bank the payments you owe on your truck. Eventually, the bank will
Make you file bankruptcy
Call your mother
Garnish your truck
Repossess your truck
If you are employed by someone else and the court says you own money, part of your paycheck may be withheld to pay your debt. This is called ___.
Garnishment of wages
Repossession of money owed
Partial bankruptcy
Very embarrassing to you
If you make a major purchase such as a car or boat, the item purchased will likely be held as ____ to protect the bank's loan to you.
Collagen
Collateral
Collision insurance
Prisoner
Garnishment cannot exceed this percent of your weekly take-home pay.
10%
15%
25%
50%
This credit protection law requires creditors to tell borrowers the true costs and terms of credit (including interest rates & finance charges.)
The Truth in Lending Law
The Credit Card Truth Act
The Debt Collection Practices Act
The Fair Credit Reporting Act
This law gives us a right to see what is in our credit reports.
The Truth in Lending Law
The Consumer Credit Protection Act
The Debt Collection Practices Act
The Fair Credit Reporting Act
This law prohibits discrimination when lending money.
The Equal Credit Opportunity Act
The Consumer Credit Protection Act
The Debt Collection Practices Act
The Fair Credit Reporting Act
The highest possible credit score is
800
850
900
1000
This type of personal bankruptcy filing "forgives" most of your debt.
Chapter 7
Chapter 11
Chapter 12
Chapter 13
Which of these debts is NOT discharged through bankruptcy filing in GA?
Student loans
Credit cards
Car loan at the bank
Your account at Home Depot
Which of the following is primarily used by businesses, not individuals?
Ch 7
Ch 11
Ch 12
Ch 13
If you as an individual just need to restructure (reorganize) your debts so that you can make the payments, you would most likely file which of the following types of bankruptcy?
Ch 7
Ch 11
Ch 12
Ch 13
An automatic stay means that
you do not have to pay back any money
creditors can no longer contact you
you get a treat if you sit, stay, or roll over
you can no longer spend money
Which debts are paid back first in the case of a bankruptcy filing?
Secured debts and bankruptcy fees
Alimony and child support
Taxes
Credit cards
How long can you expect a Chapter 7, ordinary bankruptcy filing, to remain on your credit report?
3 years
7 years
10 years
It stays with you forever
