Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Bankruptcy and Credit

Total questions: 18

Worksheet time: 9mins

Name
Class
Date
1.

A financial "fresh start" for an individual might be found through which of the following?

a)

Filing Chapter 1

b)

Filing Chapter 7

c)

Filing Chapter 17

d)

Filing Chapter 21

2.

The person who owes money to someone else is the

a)

debtor

b)

creditor

c)

loser

d)

owebewon

3.

Laws created to protect both debtors and creditors are called ___.

a)

Financial freedom laws

b)

Money tree laws

c)

Credit protection laws

d)

Lottery laws

4.

You have not been able to pay the bank the payments you owe on your truck. Eventually, the bank will

a)

Make you file bankruptcy

b)

Call your mother

c)

Garnish your truck

d)

Repossess your truck

5.

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 ___.

a)

Garnishment of wages

b)

Repossession of money owed

c)

Partial bankruptcy

d)

Very embarrassing to you

6.

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.

a)

Collagen

b)

Collateral

c)

Collision insurance

d)

Prisoner

7.

Garnishment cannot exceed this percent of your weekly take-home pay.

a)

10%

b)

15%

c)

25%

d)

50%

8.

This credit protection law requires creditors to tell borrowers the true costs and terms of credit (including interest rates & finance charges.)

a)

The Truth in Lending Law

b)

The Credit Card Truth Act

c)

The Debt Collection Practices Act

d)

The Fair Credit Reporting Act

9.

This law gives us a right to see what is in our credit reports.

a)

The Truth in Lending Law

b)

The Consumer Credit Protection Act

c)

The Debt Collection Practices Act

d)

The Fair Credit Reporting Act

10.

This law prohibits discrimination when lending money.

a)

The Equal Credit Opportunity Act

b)

The Consumer Credit Protection Act

c)

The Debt Collection Practices Act

d)

The Fair Credit Reporting Act

11.

The highest possible credit score is

a)

800

b)

850

c)

900

d)

1000

12.

This type of personal bankruptcy filing "forgives" most of your debt.

a)

Chapter 7

b)

Chapter 11

c)

Chapter 12

d)

Chapter 13

13.

Which of these debts is NOT discharged through bankruptcy filing in GA?

a)

Student loans

b)

Credit cards

c)

Car loan at the bank

d)

Your account at Home Depot

14.

Which of the following is primarily used by businesses, not individuals?

a)

Ch 7

b)

Ch 11

c)

Ch 12

d)

Ch 13

15.

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?

a)

Ch 7

b)

Ch 11

c)

Ch 12

d)

Ch 13

16.

An automatic stay means that

a)

you do not have to pay back any money

b)

creditors can no longer contact you

c)

you get a treat if you sit, stay, or roll over

d)

you can no longer spend money

17.

Which debts are paid back first in the case of a bankruptcy filing?

a)

Secured debts and bankruptcy fees

b)

Alimony and child support

c)

Taxes

d)

Credit cards

18.

How long can you expect a Chapter 7, ordinary bankruptcy filing, to remain on your credit report?

a)

3 years

b)

7 years

c)

10 years

d)

It stays with you forever