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Bankruptcy Quiz

Test your bankruptcy knowledge.  The correct answer will be displayed on the right.  Your score will be based only on the first answer you choose.   You can look at the other answers without decreasing (or increasing) your grade.

All answers are based on bankruptcy and related law as applicable in Arizona.  Some answers may be different in other states.

  1. If I miss a car payment, how soon can the creditor repossess my car?
    30 days after my payment was due.
    After they notify me of their intent to repossess.
    As soon as they find it.
     
  2. How long does it take for the mortgage company to take my house if I miss my house payment?
    30 days after my payment was due.
    90 days after they record the notice of foreclosure sale.
    They can't if I've recorded a homestead on it.
     
  3. Can I go to jail because I haven't paid my bills?
    Yes--straight to debtor's prison.
    Probably not.
    Never! This is a free country.
     
  4. A creditor can do which of the following to collect a debt:
    File a lawsuit against me.
    Put a lien on my home.
    Take my car.
    Take money from my checking and savings accounts.
    Take money from my pay.
    All of above.
     
  5. Which of the following is true about Chapter 7?
    It's called Chapter 7 because it's enacted under Chapter 7 of the U. S. Bankruptcy Code.
    It's also called liquidation bankruptcy because the trustee can sell or liquidate property that I own to pay some of my bills.
    It's also called straight bankruptcy for some unknown reason.
    Chapter 7 will discharge or cancel most kinds of debt.
    All of the above.
     
  6. Which of the following is true about Chapter 13?
    It's called Chapter 13 because it's enacted under Chapter 13 of the U. S. Bankruptcy Code.
    In Chapter 13, the trustee may sell or liquidate some of my property to pay some of my bills.
    In Chapter 13, I make payments to the court until I have paid all of my bills in full.
    All of the above.
     
  7. My car has just been repossessed.  How can I get it back?
    File Chapter 7.
    File Chapter 13.
    Pay the missed payments.
    Forget it! Your car is history.
     
  8. Can I stop the loss of my house in a foreclosure sale?
    Yes, if I file Chapter 7.
    Yes, if I file Chapter 13.
    Yes, if I pay all missed payments and foreclosure fees.
    No. Once a foreclosure sale has been scheduled, it cannot be stopped.
     
  9. Can the garnishment of my wages be stopped?
    Yes, but only if I file Chapter 7.
    Yes, but only if I file Chapter 13.
    Yes, if I file either Chapter 7 or Chapter 13.
    No. Once a creditor starts a garnishment nothing stops it.
     
  10. Can the levy of my wages by IRS be stopped?
    Yes, but only if I file Chapter 7.
    Yes, but only if I file Chapter 13.
    Yes, if I file either Chapter 7 or Chapter 13.
    No. We're dealing with IRS here, and nothing stops IRS.