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					Bankruptcy Test Review
         True/False
Bankruptcy stays on your credit
   report for 10 years and
 decreases your credit score.
TRUE
           True/False
 People who file bankruptcy pay
lower interest rates because they
         have no debts.
FALSE
         OK/Not OK
You should declare bankruptcy
 when it becomes difficult to
make your monthly payments.
NOT OK
          OK/NOT OK
You should declare bankruptcy
when your insurance company
will not pay all of your medical
              bills.
NOT OK
          OK/NOT OK
 You should declare bankruptcy
when you have no other options.
OK
         GOOD/BAD
  Getting consumer credit
counseling is a good option to
         bankruptcy.
GOOD
         GOOD/BAD
Taking a home equity loan is a
 good option to bankruptcy.
GOOD, but risky
           GOOD/BAD
Taking out a debt consolidation
    loan is a good option to
          bankruptcy.
GOOD, but may be more
expensive in the long run.
 You must stop spending.
               GOOD/BAD
It is better to stop payment on all
       bills rather than declare
               bankruptcy.
BAD
_____ is defined as being legally
released from the obligations to
    repay some or all debt in
 exchange for giving up some of
          your assets.
Bankruptcy
        True/False
You do not have to give up
 anything when declaring
       bankruptcy.
False
           True/False
You can never repair your credit
     history after declaring
          bankruptcy.
False
What is a way to rebuild your
credit history after declaring
         bankruptcy?
Use Credit Cautiously
Pay Your Bills on Time
People who file bankruptcy can
  get credit but will pay ____
interest rates until they rebuild
      their credit history.
HIGHER
 What type of bankruptcy that
reorganizes your personal debt
    with a payment plan?
Chapter 13
One of the advantages of filing
bankruptcy is that creditors are
         required to:
Stop calling your about late
          payments
What should you do if you are
having problems paying your
           bills?
  Get credit counseling to help
resolve the problem and keep it
     from happening again
 When declaring bankruptcy,
what is considered a crime and
 has serious consequences?
Making False Statements
What are some of the major
  reasons for declaring
       bankruptcy?
             Divorce
            Gambling
Failing to Pay Personal Income
               Tax
What is not a major reason for
   declaring bankruptcy?
Student Loans

				
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