BANKRUPTCY TUTORIALS QUIZ
1. You must list all creditors whether or not you wish to continue paying them.
T or F
2. Failing to disclose all required information may lead to a fine of $__________,
imprisonment for ______ years, or both.
3. You must complete credit counseling within _______ days prior to filing your
case.
4. You must file your unfiled tax returns within ______ days of filing your case.
5. You should continue banking with a bank to whom you owe money or have
written payday loans against.
T or F
6. In a marital property state, a creditor can collect from a spouse who did not sign
the loan if the loan was taken out by the other spouse during the marriage.
T or F
7. A co-signor on a debt is not liable for a debt after you file your bankruptcy.
T or F
8. You can file Chapter 7 only once every _______ years.
9. The Means Test looks at your last ________ months of income from all sources.
10. Foreclosures and repossessions are stayed until your case is dismissed,
______________________, or the automatic stay is lifted.
11. Name one type of debt that is not dischargeable in Chapter 7: _______________.
12. Creditors retain liens on your home and car after you file bankruptcy.
T or F
13. You must continue making payments to your secured creditors after bankruptcy to
keep your property.
T or F
14. If you surrendered your property, you must continue paying the creditor after
bankruptcy.
T or F
15. You must give up property in Chapter 7 unless it is exempt under _________ law.
16. Your assets include property titled to other people that really belongs to you.
T or F
17. The trustee may sell your property if the exemption does not cover the full value
of that property.
T or F
18. The Bankruptcy ____________ is comprised of all property you own on the date
of the case filing.
19. Until the trustee abandons property of your bankruptcy estate, you may not sell or
transfer that property.
T or F
20. Your bankruptcy estate includes all outstanding __________ you have written
prior to filing the case.
21. If your property is non-exempt - it may be ____________.
22. An agreement that leaves you legally responsible for a loan after bankruptcy is
known as a _____________________________ Agreement.
23. _______________________ is a proposal to pay a secured creditor a lump sum
cash payment equal to the fair market value of the property in exchange for a
release of their lien and satisfaction of the debt.
24. You must surrender property ________ days after filing.
25. If you maintain current payments and insurance on your property after
bankruptcy, you can normally keep your property without signing a Reaffirmation
Agreement.
T or F
26. Your court appearance is also known as the "Meeting of ___________________."
27. About 3 to 6 months after you file Chapter 7, your case is ___________________
and closed.
28. Two types of debts generally survive Chapter 13 if they are not paid in the plan:
____________________ Loans and Domestic Support Obligations.
29. You pay all creditors through the Chapter 13 Trustee with the exception of your
mortgage.
T or F
30. The best method to account for payments to your mortgage lenders is to pay by
__________________ check and mail the payment by certified mail.
31. The Chapter 13 Trustee is required to ensure you pay as _____________ as you
can as soon as you can. The trustee is entitled to all of your ________________
income.
32. Payments to the Chapter 13 Trustee must be made by certified check,
____________ check, or money order.
33. You must turn over lump sum acquisitions such as tax refunds, personal injury
settlements, inheritances and gambling winnings to the Chapter 13 Trustee during
the bankruptcy.
T or F
34. You should have made your first plan payment to the Chapter 13 Trustee by the
date of the Meeting of Creditors.
T or F
35. Creditors may _______________ to your Chapter 13 Plan.
36. You should file a Notice of __________________ with the credit bureaus to clear
up inaccurate information on your credit reports.