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WorksheetsBankruptcy Quiz
Total questions: 15
Worksheet time: 29mins
A legal process to get out of debt when you can no longer make all your required payment.
Liquidation
Bankruptcy
Mean's Test
Credit Counseling
Bankruptcy will not remove the following: (Please select all that apply)
Credit Card Debt
Student Loans
Child Support
Alimony
Pre-bankruptcy credit counseling and pre-discharge debtor education are bankruptcy requirements.
True
False
How much you can afford, refers to which of the 5 C's of Credit?
Collateral
Capacity
Conditions
Capital
Character
Which of the 5 C's of Credit refers to, making payments of time?
Character
Credit
Conditions
Capacity
Collateral
The conversion of assets into cash
Liquidation
Inflation
Debt
Credit
The most popular bankruptcy option for a small business seeking to restructure and continue operating.
Ch. 7
Ch. 11
Ch. 12
Ch.13
How many years does bankruptcy stay on your credit?
2
5
7
10
After filing a Ch. 13, you must wait this many years to file for it again.
2
4
6
8
How many years you must wait after filing Ch.7 to file again.
2
4
6
8
This type of card is designed for people with bad or no credit.
Secured card
Unsecured Card
How long must you wait after filing a Ch. 13 to file a Ch.7?
2
4
6
8
Identify the three credit reporting agencies? (All must be correct)
TransUnion
Equifax
CarFax
Experian
American Express
Releases the debtor from personal liability for certain specified types of debts.
Liquidation
Discharge
Credit
Inflation
The entire amount of money a person owes to lenders.
Assets
Debt
Equity
Capital
