An individual filing bankruptcy under Chapter 13 must consider some drawbacks primarily, that a Chapter 13 plan requires a long commitment; the average life span of a Chapter 13 case lasts from three to five years.
Indicate whether the statement is true or false
Q. 2Some debtors must file for bankruptcy under Chapter 13 because the Means Test reveals that their income levels and the amount of disposable income disqualify them from filing for Chapter 7 liquidation.
Indicate whether the statement is true or false
Q. 3Chapter 7 is sometimes referred to as the wage earner plan.
Indicate whether the statement is true or false
Q. 4Sometimes referred to as the wage earner plan, Chapter 13 is available for individuals who have ________ and who have sufficient disposable income each month to repay a significant portion of their debts.
A) Regular income
B) No income
C) Fixed income
D) Limited income
Q. 5Damages awarded to compensate a tort victim for fear and anxiety suffered are
a. compensatory damages
b. punitive damages
c. pain and suffering damages
d. nominal damages
Q. 6The repayment plan must allow for payments to be made to creditors according to their
A) Serial number
B) Name
C) Rank
D) File
Q. 7Property sold at a judicial sale is typically conveyed through the use of a:
A. General warranty deed
B. Special warranty deed
C. Quitclaim deed
D. Sheriff's deed
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