Choose wisely. There is only one correct answer to each question.
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1.
What should you do if you are behind on your payments on your home, credit cards, or other loans?
Contact them to see what steps can be made. Many times, your creditors will want to work with you to avoid hassles, expenses and lost revenue due to the actions they would have to take.
2.
If you've got a lot of debt and you want help speaking to your creditors, contact a _______.
Non-profit debt counseling organization. These agencies have trained counselors who can help you talk to your creditors and work out a payment plan.
3.
Which of the following is NOT an example of an essential debt?
The monthly minimum payment on an unsecured credit card. Though not a good idea, a payment can be skipped without truly severe consequence.
4.
What collection efforts are available to a creditor that obtains a court judgment against you?
The creditor can take steps to garnish your wages and seize assets, such as bank accounts. The creditor can also file a lien against any real estate you own.
5.
One of the few exceptions to the rule that a creditor must sue to get a court judgment to seize funds from your bank account or place a lien on your property is the _______.
IRS. Federal law allows the IRS to seize the contents of your bank accounts and place a lien on your house for back taxes without getting a court judgment first.