DEBT TEST

Call our Texas bankruptcy lawyers if the questions below lead to debt problems or if you are unsure of your answers.

All bankruptcy questions are based on the new bankruptcy law.

1. Under the new bankruptcy rules debtors with insufficient income or assets wishing to eliminate debts entirely after certain assets are forfeited would file which of the following:

A. Chapter 13

B. Chapter 11

C. Chapter 7

D. none of the above

 

2. True or False. I can lose my home if I file Chapter 7 bankruptcy.

A. True

B. False

 

3. People with income above their states median, who can pay at least $6000 over 5 years, would be forced into which of the following bankruptcies:

A. Chapter 7

B. Chapter 11

C. Chapter 13

D. none of the above

 

4. An individual can file for bankruptcy once every how many years?

A. 5 years

B. 7 years

C. 10 years

D. none of the above

 

5. True or False. Bankruptcy will threaten my current job or my ability to get a new job.

A. True

B. False

 

 

Answers:

1. C. Chapter 7 bankruptcy, if court approved, would eliminate all debt after certain assets are forfeited.

2. B. False. In chapter 7 bankruptcy you can keep your home if you are current with your mortgage payments.

3. C. The court would force these individuals into chapter 13 under a repayment plan.

4. B. You can file for bankruptcy only once every 7 years.

5. B. You cannot be terminated from your current job or denied a new one because of bankruptcy.

 

Regardless of your score, contact our Texas Bankruptcy Attorneys to have all your bankruptcy questions answered.

Bankruptcy is a serious matter. Click here for a free case evaluation by our Texas Bankruptcy Attorneys.

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