bankruptcy test review. true/false bankruptcy stays on your credit report for 10 years and decreases...
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Bankruptcy Test Review
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True/FalseBankruptcy stays on your credit
report for 10 years and decreases your credit score.
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TRUE
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True/FalsePeople who file bankruptcy pay
lower interest rates because they have no debts.
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FALSE
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OK/Not OKYou should declare bankruptcy
when it becomes difficult to make your monthly payments.
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NOT OK
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OK/NOT OKYou should declare bankruptcy when your insurance company will not pay all of your medical
bills.
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NOT OK
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OK/NOT OKYou should declare bankruptcy
when you have no other options.
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OK
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GOOD/BADGetting consumer credit
counseling is a good option to bankruptcy.
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GOOD
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GOOD/BADTaking a home equity loan is a
good option to bankruptcy.
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GOOD, but risky
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GOOD/BADTaking out a debt consolidation
loan is a good option to bankruptcy.
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GOOD, but may be more expensive in the long run.You must stop spending.
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GOOD/BADIt is better to stop payment on all
bills rather than declare bankruptcy.
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BAD
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_____ is defined as being legally released from the obligations to
repay some or all debt in exchange for giving up some of
your assets.
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Bankruptcy
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True/FalseYou do not have to give up anything when declaring
bankruptcy.
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False
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True/FalseYou can never repair your credit
history after declaring bankruptcy.
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False
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What is a way to rebuild your credit history after declaring
bankruptcy?
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Use Credit CautiouslyPay Your Bills on Time
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People who file bankruptcy can get credit but will pay ____
interest rates until they rebuild their credit history.
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HIGHER
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What type of bankruptcy that reorganizes your personal debt
with a payment plan?
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Chapter 13
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One of the advantages of filing bankruptcy is that creditors are
required to:
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Stop calling your about late payments
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What should you do if you are having problems paying your
bills?
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Get credit counseling to help resolve the problem and keep it
from happening again
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When declaring bankruptcy, what is considered a crime and
has serious consequences?
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Making False Statements
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What are some of the major reasons for declaring
bankruptcy?
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DivorceGambling
Failing to Pay Personal Income Tax
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What is not a major reason for declaring bankruptcy?
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Student Loans