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1.
Which of the following is true regarding preparing a budget to avoid bankruptcy?
Making secured loan payments should be a higher priority than paying credit card debt. You will have more flexibility in paying credit card debt than secured debt, which includes your mortgage and car payments.
2.
Which of the following is an advantage of Chapter 13 bankruptcy over Chapter 7 bankruptcy?
Under Chapter 13, individuals can stop home foreclosure proceedings. But any arrearage must be made up during the term of the repayment plan.
3.
Which of the following is true?
The US Trustee supervises the administration of bankruptcy cases. The other choices are false.
4.
Even if only one spouse in a marriage files for bankruptcy, the income and expenses of the non-filing spouse must be disclosed.
True. The income and expenses of the non-filing spouse are required so that the household's financial position can be evaluated.
5.
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.