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1.
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.
2.
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.
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.
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.