What is the primary purpose of Chapter 7 bankruptcy?

Understanding Chapter 7 Bankruptcy

Quiz
•
English
•
10th Grade
•
Easy

Kipchoge Whitfield
Used 3+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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