Understanding Chapter 7 Bankruptcy

Understanding Chapter 7 Bankruptcy

10th Grade

16 Qs

quiz-placeholder

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Understanding Chapter 7 Bankruptcy

Understanding Chapter 7 Bankruptcy

Assessment

Quiz

English

10th Grade

Easy

Created by

Kipchoge Whitfield

Used 3+ times

FREE Resource

16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of Chapter 7 bankruptcy?

To reorganize a debtor's business

To liquidate a debtor's assets

To create a repayment plan

To protect a debtor from creditors

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a requirement for filing Chapter 7 bankruptcy?

The debtor must have a regular income

The debtor must pass a means test

The debtor must own a business

The debtor must have secured debts

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a trustee in a Chapter 7 bankruptcy case?

To provide legal advice to the debtor

To manage the debtor's business operations

To sell the debtor's non-exempt assets

To represent the debtor in court

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of debt is typically not discharged in Chapter 7 bankruptcy?

Credit card debt

Medical bills

Student loans

Personal loans

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the legal process of distributing a debtor's assets to creditors in Chapter 7 bankruptcy?

Reorganization

Liquidation

Consolidation

Mediation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How long does a Chapter 7 bankruptcy typically remain on a debtor's credit report?

3 years

5 years

7 years

10 years

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following assets is generally considered exempt in a Chapter 7 bankruptcy?

A luxury car

A primary residence

A vacation home

A yacht

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