An individual filing bankruptcy under Chapter 13 must consider some drawbacks. Primarily, a Chapter 13 plan requires a long commitment; the average life span of a Chapter 13 case lasts from three to
A) Ten years
B) Eleven years
C) Five years
D) Six years
Q. #2A growing number of individual filers are choosing Chapter 13 because they would like to use a ________ to assist them with making mortgage, car, and student loan payments more manageable.
A) Trustee
B) Lawyer
C) Repayment plan
D) 401k plan
E) None of these
Q. #3After the Chapter 13 case is filed, the Automatic Stay immediately protects the debtor, and all attempts by creditors, including wage garnishments and executions, foreclosures, and lawsuits for debt collections, must stop
A) Immediately
B) Never
C) In one month
D) At least temporally
Q. #4Most reasonable Chapter 13 plans may be confirmed ________ with competent representation.
A) The first time
B) The second time
C) The third time
D) The fourth time
Q. #5Only individuals whose debt does not exceed a certain amount are eligible to file for bankruptcy protection under Chapter 13.
Indicate whether the statement is true or false
Q. #6Recovery of a credit score is much faster for Chapter 7 debtors than it is for Chapter 13 cases.
Indicate whether the statement is true or false
Q. #7The purpose behind a Chapter 11 bankruptcy is to allow the debtor to ________ by reaching a compromise with its creditors for the repayment of debts that will accommodate their unique relationship and circumstances.
Fill in the blank(s) with correct word
Q. #8At the confirmation hearing, if no resolution regarding the repayment plan is reached, the judge will not make a ruling. Instead, the judge will order the debtor to ________ the repayment plan to make the plan more compliant with the Bankruptcy Code.
Fill in the blank(s) with correct word
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