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Bankruptcy Test Review

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.

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Bankruptcy Test Review

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  1. Bankruptcy Test Review

  2. True/FalseBankruptcy stays on your credit report for 10 years and decreases your credit score.

  3. TRUE

  4. True/FalsePeople who file bankruptcy pay lower interest rates because they have no debts.

  5. FALSE

  6. OK/Not OKYou should declare bankruptcy when it becomes difficult to make your monthly payments.

  7. NOT OK

  8. OK/NOT OKYou should declare bankruptcy when your insurance company will not pay all of your medical bills.

  9. NOT OK

  10. OK/NOT OKYou should declare bankruptcy when you have no other options.

  11. OK

  12. GOOD/BADGetting consumer credit counseling is a good option to bankruptcy.

  13. GOOD

  14. GOOD/BADTaking a home equity loan is a good option to bankruptcy.

  15. GOOD, but risky

  16. GOOD/BADTaking out a debt consolidation loan is a good option to bankruptcy.

  17. GOOD, but may be more expensive in the long run.You must stop spending.

  18. GOOD/BADIt is better to stop payment on all bills rather than declare bankruptcy.

  19. BAD

  20. _____ is defined as being legally released from the obligations to repay some or all debt in exchange for giving up some of your assets.

  21. Bankruptcy

  22. True/FalseYou do not have to give up anything when declaring bankruptcy.

  23. False

  24. True/FalseYou can never repair your credit history after declaring bankruptcy.

  25. False

  26. What is a way to rebuild your credit history after declaring bankruptcy?

  27. Use Credit CautiouslyPay Your Bills on Time

  28. People who file bankruptcy can get credit but will pay ____ interest rates until they rebuild their credit history.

  29. HIGHER

  30. What type of bankruptcy that reorganizes your personal debt with a payment plan?

  31. Chapter 13

  32. One of the advantages of filing bankruptcy is that creditors are required to:

  33. Stop calling your about late payments

  34. What should you do if you are having problems paying your bills?

  35. Get credit counseling to help resolve the problem and keep it from happening again

  36. When declaring bankruptcy, what is considered a crime and has serious consequences?

  37. Making False Statements

  38. What are some of the major reasons for declaring bankruptcy?

  39. DivorceGamblingFailing to Pay Personal Income Tax

  40. What is not a major reason for declaring bankruptcy?

  41. Student Loans

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