Choose wisely. There is only one correct answer to each question.
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1.
Bill collectors are allowed to call you late at night to demand payments from you.
False. Federal law prohibits bill collectors from calling you in the early mornings and late evenings, harassing you, making unauthorized charges, making false statements to you, and contacting you at work.
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.
When negotiating with a lender about overdue mortgage payments, the lender may offer you several options to help you avoid foreclosure, including _______.
Rewriting the loan. Many lenders would rather take steps such as rewriting the terms of the loan than foreclosing on the loan.
4.
Which of the following is true regarding an essential debt?
Payment cannot be put off long without serious consequences. The consequences for delayed payment of non-essential debts are not as severe.
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.