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Filing for Bankruptcy

This quiz will test your knowledge on the topic of Filing for Bankruptcy.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the main purpose of filing for bankruptcy?

  1. To get rid of all debts
  2. To protect assets from creditors
  3. To reorganize debts and finances
  4. To avoid paying taxes
Question 2 Multiple Choice (Single Answer)

Which type of bankruptcy is typically used by individuals?

  1. Chapter 7
  2. Chapter 11
  3. Chapter 12
  4. Chapter 13
Question 3 Multiple Choice (Single Answer)

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

  1. Chapter 7 liquidates assets, while Chapter 13 reorganizes debts
  2. Chapter 7 is for businesses, while Chapter 13 is for individuals
  3. Chapter 7 requires a repayment plan, while Chapter 13 does not
  4. Chapter 7 is more expensive than Chapter 13
Question 4 Multiple Choice (Single Answer)

What are some of the eligibility requirements for filing for Chapter 7 bankruptcy?

  1. Must have a regular income
  2. Must have a certain amount of debt
  3. Must have filed taxes for the past two years
  4. All of the above
Question 5 Multiple Choice (Single Answer)

What is the means test in bankruptcy?

  1. A test to determine if a debtor is eligible for Chapter 7 bankruptcy
  2. A test to determine how much debt a debtor can discharge
  3. A test to determine if a debtor has enough assets to repay creditors
  4. A test to determine if a debtor has filed taxes for the past two years
Question 6 Multiple Choice (Single Answer)

What is the automatic stay in bankruptcy?

  1. A court order that stops creditors from contacting a debtor
  2. A court order that stops creditors from taking legal action against a debtor
  3. A court order that stops creditors from seizing a debtor's assets
  4. All of the above
Question 7 Multiple Choice (Single Answer)

What is a discharge in bankruptcy?

  1. A court order that releases a debtor from personal liability for certain debts
  2. A court order that allows a debtor to keep their assets
  3. A court order that stops creditors from contacting a debtor
  4. A court order that stops creditors from taking legal action against a debtor
Question 8 Multiple Choice (Single Answer)

What are some of the consequences of filing for bankruptcy?

  1. It can damage a credit score
  2. It can make it difficult to get credit in the future
  3. It can affect employment opportunities
  4. All of the above
Question 9 Multiple Choice (Single Answer)

What is the difference between a secured debt and an unsecured debt?

  1. A secured debt is backed by collateral, while an unsecured debt is not
  2. A secured debt has a higher interest rate than an unsecured debt
  3. A secured debt is easier to discharge in bankruptcy than an unsecured debt
  4. A secured debt is more likely to be included in a Chapter 13 repayment plan
Question 10 Multiple Choice (Single Answer)

What is a reaffirmation agreement in bankruptcy?

  1. An agreement between a debtor and a creditor to reaffirm a debt after bankruptcy
  2. An agreement between a debtor and a creditor to reduce the amount of a debt after bankruptcy
  3. An agreement between a debtor and a creditor to extend the repayment period of a debt after bankruptcy
  4. An agreement between a debtor and a creditor to discharge a debt after bankruptcy
Question 11 Multiple Choice (Single Answer)

What is a Chapter 11 bankruptcy?

  1. A type of bankruptcy used by businesses to reorganize their debts
  2. A type of bankruptcy used by individuals to reorganize their debts
  3. A type of bankruptcy used by businesses to liquidate their assets
  4. A type of bankruptcy used by individuals to liquidate their assets
Question 12 Multiple Choice (Single Answer)

What is a Chapter 12 bankruptcy?

  1. A type of bankruptcy used by family farmers and fishermen to reorganize their debts
  2. A type of bankruptcy used by businesses to reorganize their debts
  3. A type of bankruptcy used by individuals to reorganize their debts
  4. A type of bankruptcy used by individuals to liquidate their assets
Question 13 Multiple Choice (Single Answer)

What is a Chapter 13 bankruptcy?

  1. A type of bankruptcy used by individuals to reorganize their debts
  2. A type of bankruptcy used by businesses to reorganize their debts
  3. A type of bankruptcy used by individuals to liquidate their assets
  4. A type of bankruptcy used by businesses to liquidate their assets
Question 14 Multiple Choice (Single Answer)

What is a Chapter 7 bankruptcy?

  1. A type of bankruptcy used by individuals to liquidate their assets
  2. A type of bankruptcy used by businesses to liquidate their assets
  3. A type of bankruptcy used by individuals to reorganize their debts
  4. A type of bankruptcy used by businesses to reorganize their debts
Question 15 Multiple Choice (Single Answer)

What is the difference between a Chapter 11 and a Chapter 13 bankruptcy?

  1. Chapter 11 is used by businesses, while Chapter 13 is used by individuals
  2. Chapter 11 allows for reorganization, while Chapter 13 requires liquidation
  3. Chapter 11 has a higher filing fee than Chapter 13
  4. All of the above
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