EPF - Competition 2

In general, _____ do NOT receive any compensation from their claims following liquidation of a business.

• secured creditors

• unsecured creditors

• attorneys who are responsible for liquidation

• taxes due to government

Greg wants to file bankruptcy. He wants to keep

all of his assets, though his house is in foreclosure. He owes $200,000 on his house and $100,000 in unsecured debt, but has a regular salary of almost $30,000 a year. Which chapter of bankruptcy is Greg likely use?

• Chapter 7

• Either Chapter 7 or 13 could apply

• Chapter 13

• Chapter 11

Kevin wants to file bankruptcy. He's the married

father of three college-aged children. Kevin's family owns several assets including three cars and two houses. Between Kevin and his wife, the family makes an income of approximately $300,000. Their overall debt is over $1 million, with more than half of that in unsecured debt like

credit cards and medical bills. Kevin will likely use _____ while filing for bankruptcy.

• Chapter 7

• Chapter 13

• Either Chapter 7 or 13 could apply

• Chapter 11

Suzie's Superstores, Inc. wants to file bankruptcy. They are insolvent and want to re-organize their debt, but stay in business. Which type of Bankruptcy proceeding will Suzie's Superstores most likely to use?

• Chapter 13

• Either Chapter 7 or 13 could apply

• Chapter 7

• Chapter 11

Maria wants to file bankruptcy for her business,

Maria's Manicures. She's closing the business completely and wants to completely liquidate the assets. She doesn't plan to re-open. Maria will use _____ bankruptcy.

• Either Chapter 7 or 13 could apply

• Chapter 11

• Chapter 7

• Chapter 13

Margie's credit card bill is due on the 30th of

each month. She sent her payment on the 25th, but the company posted the payment on the 5th of the following month and charged her a late fee. This is likely a violation of the:

• Equal Credit Opportunity Act.

• Fair Credit Reporting Act.

• Fair Credit Billing Act.

• Fair Debt Collection Practices Act.

The Federal Trade Commission is made up of several different bureaus. Which bureau handles credit protection?

• Bureau of Consumer Protection.

• Bureau of Credit Fraud.

• Bureau of Credit Protection.

• Bureau of Consumer Fraud.

Emily missed a few payments on her credit card

while she was out of work. Now she has a debt collector calling her, sometimes up to 20 times a day. Which act is the debt collector violating?

• The Credit Card Accountability, Responsibility, and Disclosure Act.

• Equal Credit Opportunity Act.

• Fair Credit Billing Act.

• Fair Debt Collection Practices Act.

What is a consumer's credit score?

• A credit score that generally reflects the creditworthiness of a business.

• A form of consumer protection.

• A credit score that generally reflects the creditworthiness of a consumer.

• A collection of laws designed to help preserve the credit score of consumers.

Sally received a copy of her credit report and

noticed an error. The report lists a credit card she has never owned. She wants to dispute this error. What law contains information about how to do this?

• Fair Credit Reporting Act.

• Fair Debt Collection Practices Act.

• Equal Credit Opportunity Act.

• Fair Credit Billing Act.