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Which type of bankruptcy allows you to erase most of your debt?
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
Which is a drawback of a bad credit score?
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
True or False: Financial counseling is recommended for those filing Chapter 7 bankruptcy, but not required.
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
True or False: You must be unemployed or have a very low income to declare Chapter 7 bankruptcy.
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
True or False: 2 common mistakes on credit reports are fraud (identity theft) and mistaken identity.
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
This act prohibits credit discrimination.
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
Which type of bankruptcy allows you to re-structure your debt and repay many of your debts over 3-5 years time (The court oversees the repayment plan.)?
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
Which is the only government-sponsored web site where you can obtain a free credit report annually from each of the three credit reporting agencies?
annualcreditreport.com
The consumer may be denied credit or be required to pay a higher interest rate.
True
False
Equal Credit Opportunity Act
True
Chapter 13
Chapter 7
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