Bankruptcy

4 Questions

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Bank Quizzes & Trivia

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Questions and Answers
  • 1. 
    Changes to the bankruptcy law in 2005 require all filers/debtors to do what? 
    • A. 

      Pay back 30% of their debt to creditors

    • B. 

      Do 90 days of community service

    • C. 

      Get credit counseling before they file

    • D. 

      Have a family member assist in paying creditors

  • 2. 
    Filing bankruptcy under Chapter 11 will...
    • A. 

      Stop all IRS or state tax collection activities

    • B. 

      Subject you to a possible jail sentence

    • C. 

      Prevent you from conducting business in the same state for 2 years

    • D. 

      Allow employees to file a lawsuit against you

  • 3. 
    Which of the following Chapter 7 bankruptcy facts are NOT true?
    • A. 

      Court costs and attorney's fees are dischargeable.

    • B. 

      If your assets are worth more than certain guidelines, they will be liquidated and the proceeds will be divided up among your creditiors 

    • C. 

      Credit will be available even after discharge

    • D. 

      Bankruptcy will stay on your credit report for 10 years

  • 4. 
    In a Chapter 7 bankruptcy, which would NOT likely be eliminated?
    • A. 

      Credit cards

    • B. 

      Medical bills

    • C. 

      A judgment resulting from a car accident

    • D. 

      A mortgage