Bankruptcy Review
Presentation
•
Financial Education
•
9th - 12th Grade
•
Medium
Wilbur Winborne
Used 3+ times
FREE Resource
0 Slides • 29 Questions
1
Multiple Choice
Debt can be avoided through which of these:
Frivolous spending
Budgeting Finances
Investing in the Stock Market
Employer Benefits
2
Multiple Choice
This type of Bankruptcy is primarily for businesses
Chapter 7
Chapter 11
Chapter 12
Chapter 13
3
Multiple Choice
This type of bankruptcy is also known as "straight" or "liquidation"
Chapter 7
Chapter 11
Chapter 12
Chapter 13
4
Multiple Choice
The person who owes money to someone else:
Debtor
Creditor
Loser
Owen
5
Multiple Choice
Which of these debts is not dischargeable:
Car Loan
Student Loan
Credit Card
Home Loan
6
Multiple Choice
If a person needs to restructure their debt to a repayment plan, they would use:
Chapter 7
Chapter 11
Chapter 12
Chapter 13
7
Multiple Choice
How long does a Chapter 7 (straight/liquidation) Bankruptcy stay on the credit report?
3 Years
7 Years
10 Years
Forever
8
Multiple Choice
Liquidation means:
Soak your debts
Sell assets to pay off debt
Pay off credit cards
Take a shower
9
Multiple Choice
Which ONE of these will probably lead to Bankruptcy?
Having student loans of $20,000 when your salary is $50,000
Contacting the loan company to negotiate a lower interest rate
Having car & home loans, multiple credit cards, eating at restaurants most nights, & frequent shopping that exceeds your monthly paycheck
Taking a lower paying job because you like it a lot and there is a chance of promotion
10
Multiple Choice
Johnny wants to avoid filing for bankruptcy. Which option should he choose?
Keep a log of assets and storing them away to preserve their value
Maxing out credit cards to pay off her debts, such as car & home loans
Making sure creditors are not aware of his finances, or else they might raise the interest rate
Eliminate unnecessary expenses from his budget like eating out, getting rid of cable, finding a cheaper phone plan, & buying only necessities
11
Multiple Choice
All of these are potential consequences of bankruptcy EXCEPT:
Bankruptcy is public record, so friends, family, employers and acquaintances could find out about your finance problems
You may feel like a failure in life
Bankruptcy remains on your credit report for 15-20 years
You may be forced to liquidate your assets like your house, car and valuables to pay creditors
12
Multiple Choice
This Bankruptcy chapter allows you to repay debts within 3-5 Years
Chapter 7
Chapter 11
Chapter 12
Chapter 13
13
Multiple Choice
What is the purpose of Bankruptcy?
To take everything a person owns to punish them for being financially irresponsible
Allows a person/business to have a fresh start and a way to get out of debt
Prevents a person from ever having debt again
Ensures banks get all their money back
14
Multiple Choice
This type of Bankruptcy allows a person/business to discharge (eliminate) their debt by erasing it after liquidating assets
Chapter 7
Chapter 11
Chapter 12
Chapter 13
15
Multiple Choice
Which situation would a person file for Bankruptcy?
They are totally unable to pay all of their debts
They want to make lots of money in the future
Paying their debts would make them live a lesser lifestyle
They have no hope of ever having a job
16
Multiple Choice
Filing for bankruptcy should be your FIRST step if you are struggling to pay your bills
True
False
17
Multiple Choice
A court order imposed on an employer to withhold a portion of an employee’s pay to be sent to a person or business to whom the employee owes money.
Wage Gernishment
Wage Garnishment
Wane Garnishment
Wag Garnishment
18
Multiple Choice
A loan not backed with collateral.
Petition
Secured Debt
Unsecured Funds
Unsecured Debt
19
Multiple Choice
All required documentation that will begin a bankruptcy proceeding (e.g., bankruptcy forms, schedules, statements, plan) plus payment of the court filing fee
Chapter 13
Chapter 7
Petition
Budget
20
Multiple Choice
The legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt
Foreclosure
Repossession
Dischargeable Debt
Nondischargeable Debt
21
Multiple Choice
The goal of bankruptcy—a court order that releases the debtor from paying debts (liabilities) owed
Bankruptcy
Means Test
Discharge
Petition
22
Multiple Choice
A person who provides legal representation of a debtor.
Attorney
Prosecutor
Debtor Attorney
Debtor Prosecutor
23
Fill in the Blanks
Type answer...
24
Multiple Choice
An independent person appointed to administer a bankruptcy case, collect assets, and pay creditors.
Debtor Attorney
Bankruptcy Trustee
Creditor
Debtor
25
Multiple Choice
legal proceedings discharging debts and distributing assets
deed of trust
insolvent
mortgage
bankruptcy
26
Multiple Choice
You should avoid filing bankruptcy at all cost.
true
false (That means the above statement is wrong.)
27
Multiple Choice
28
Multiple Choice
29
Multiple Choice
Explain the eligibility criteria for filing Chapter 7 bankruptcy.
Being employed for at least 10 years
Passing the means test, receiving credit counseling, and not having filed for Chapter 7 bankruptcy in the previous 8 years.
Owning a car worth more than $5,000
Having a credit score above 700
Debt can be avoided through which of these:
Frivolous spending
Budgeting Finances
Investing in the Stock Market
Employer Benefits
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