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1.
In most cases (except for child support, student loans, and back taxes owed), a creditor can get a court order to garnish up to only _______ of your net pay.
25%. The most a creditor can get out of your pay is 25%, except for child support obligations, student loans, and back taxes. Those cases can get more out of you.
2.
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.
3.
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.
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.
Payday loans are so called because you are obligated to pay them back when you receive a paycheck from your job.
True. Payday loans are a means of getting fast cash, which you must pay back on your payday. Hefty fees are taken out.