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1.
Contacting your creditors when you are unable to keep up your payments is a bad idea, because they will immediately flag your account for collection activity.
False. If you communicate with them, most creditors are willing to work with folks in a bind and use aggressive collection efforts as a last resort.
2.
Which of the following is true about Chapter 13 bankruptcy?
This form of bankruptcy involves working out a payment plan to creditors. The other options are false.
3.
Which of the following is true regarding bankruptcy?
None of the above are true. Bankruptcy is designed to help provide a fresh start to debtors facing more debt than they can afford to pay.
4.
Which of the following is true?
The US Trustee supervises the administration of bankruptcy cases. The other choices are false.
5.
Which of the following need not accompany a Chapter 7 bankruptcy petition?
A workable repayment plan subject to the trustee's approval. While repayment plans are possible, Chapter 7 does not require a repayment plan.