Test Your Bankruptcy Knowledge! Trivia Quiz

57 Questions | Total Attempts: 767

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Test Your Bankruptcy Knowledge! Trivia Quiz

Test your bankruptcy knowledge! A person who does not have enough resources to cover their debts and does not see an eventuality they would pay the debts is terms as bankrupt. There are different types of debts that a business or person can have. What should a business or person do when they go bankrupt and what causes a debt to be written off? This quiz will offer some insight. Give it a shot!


Questions and Answers
  • 1. 
    What is someone who owes money to a creditor?
  • 2. 
    Name 3 kinds of debts. 
  • 3. 
    What have secured debts?
  • 4. 
    What are unsecured debts?
  • 5. 
    Who is a creditor?
    • A. 

      People a debtor owes money to

    • B. 

      Mortgage company

    • C. 

      Credit card company

    • D. 

      Child support

    • E. 

      All of the above

  • 6. 
    What are the priority debts? 
  • 7. 
    What happens when you file bankruptcy in the middle of a foreclosure auction?
  • 8. 
    Creditors have how long to stop a bankruptcy?
  • 9. 
    What happens if the creditor doesn't stop the garnishment?
  • 10. 
    What does it mean to be sanctioned?
  • 11. 
    What type of court do you file bankruptcy in?
  • 12. 
    What is the name of the person assigned to a case by the court once it has been filed?
  • 13. 
    Who oversees the trustees?
  • 14. 
    Why do people file for bankruptcy?
    • A. 

      To clear debt, lawsuits, repossession, foreclosure

    • B. 

      To clear debt, to invest in gold, lawsuits

    • C. 

      Lawsuits, foreclosure, car repairs

  • 15. 
    IRS debt is dissolved by chapter 7.
    • A. 

      True

    • B. 

      False

  • 16. 
    Unpaid Child Support Debt can cause someone to be in contempt of court?
    • A. 

      True

    • B. 

      False

  • 17. 
    It was harder to do bankruptcy court before 2005?
    • A. 

      True

    • B. 

      False

  • 18. 
     What are the 3 types of bankruptcy?
    • A. 

      Business, Personal, and Elderly

    • B. 

      Personal, Corporate and Medical

    • C. 

      Business, Farmers, and Consumers

  • 19. 
     What are the 2 types of Bankruptcy?
  • 20. 
    What bankruptcy type lasts 4-5 months?
  • 21. 
    What chapter is below medium income?
  • 22. 
    IF your equity is high a chapter 7 will let you keep your house if it's under 30000 in equity'?
    • A. 

      True

    • B. 

      False

  • 23. 
    Priority Debts get cleared by Bankruptcy.
    • A. 

      True

    • B. 

      False

  • 24. 
    Secured debts are paid off in Chapter 13.
    • A. 

      True

    • B. 

      False

  • 25. 
    What does Chapter 7 do?
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