Choose wisely. There is only one correct answer to each question.
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1.
Even though Chapter 13 bankruptcy involves a repayment plan, some creditors might get paid less than what they are owed.
True. Unsecured creditors might have to settle for less.
2.
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.
3.
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.
4.
Which of the following is true?
The US Trustee supervises the administration of bankruptcy cases. The other choices are false.
5.
Bankruptcy law permits the debtor to choose the debts to be repaid under new terms or discharged completely.
False. The debtor does not have free choice; both the repayment and debt discharge options are subject to strict rules and limitations.