What is bankruptcy?

Question

(1 point)
Responses

making more money than you spend
making more money than you spend

spending more money than you make
spending more money than you make

not being able to repay your loans
not being able to repay your loans

owing money and paying it back

Answer 1

not being able to repay your loans

Answer 2

How does Chapter 13 bankruptcy differ from Chapter 7 bankruptcy?
(1 point)
Responses

Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs.
Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs.

Individuals lose their assets after Chapter 13 bankruptcy reorganization occurs.
Individuals lose their assets after Chapter 13 bankruptcy reorganization occurs.

Individuals’ credit reports are not impacted when Chapter 13 bankruptcy is filed.
Individuals’ credit reports are not impacted when Chapter 13 bankruptcy is filed.

Individuals’ credit reports are impacted less when Chapter 7 bankruptcy is filed.
Individuals’ credit reports are impacted less when Chapter 7 bankruptcy is filed.

Answer 3

Individuals keep their assets after Chapter 13 bankruptcy reorganization occurs.

Answer 4

Which statement describes Chapter 13 bankruptcy? Select all that apply.
(1 point)
Responses

All of the debtor’s assets are divided amongst their creditors.
All of the debtor’s assets are divided amongst their creditors.

Debtors lose all of their assets.
Debtors lose all of their assets.

Debtors are allowed to keep their assets.
Debtors are allowed to keep their assets.

Debtors establish repayment plans.

Answer 5

Debtors are allowed to keep their assets.
Debtors establish repayment plans.