CENTENNIAL HIGH SCHOOL
1. Get online and go to the following link: http://www.bankruptcyinformation.com/
2. Answer the following questions.
What is the purpose or goal of the bankruptcy law. (On main page)
Click on personal bankruptcy law link on the right side of the page for the rest of
Tell me everything I need to know when I file a chapter 7 bankruptcy.
Tell me everything I need to know when I file a chapter 13 bankruptcy.
List and explain each bankruptcy alternative.
Using the credit card debt calculator (click on the bankruptcy information link),
figure out the following problem:
You have run up a balance of $7,000 on your credit card by purchasing items that you
deem necessary while not having the income to support these purchases. You are making
about $2,000.00 a month take home pay. You can afford to pay about 10% of your take
home pay towards your credit card debt. Your credit card has a 14.98% interest rate.
How many months will it take you to pay off your credit card debt?
How much money in interest will you end up paying?
How much total money will you end up paying?
List steps you could take to pay this off earlier.