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Bankruptcy and Collections Quiz

1 of 10

A chapter 7 bankruptcy shows on your credit report for how many years?

2 of 10

A chapter 7 bankruptcy allows you to completely cancel your debts (with the exception of student loans).

3 of 10

A chapter 13 bankruptcy shows on your credit report for how many years?

4 of 10

A chapter 13 bankruptcy allows a person with income to repay some or all of their debt, as an alternative to a chapter 7 bankruptcy, over the course of:

5 of 10

You can include all of your debt in a bankruptcy.

6 of 10

In all situations, you will lose your house if you file for bankruptcy.

7 of 10

Filing for chapter 13 bankruptcy can delay or stop wage garnishment (where a person’s earnings are withheld by an employer to repay a debt) and foreclosure (where a home is taken and sold due to severely late mortgage payments).

8 of 10

Bankruptcy

9 of 10

Which options are ways to resolve unpaid collections and/or charge-offs (a debt that is considered highly unlikely to be repaid) on a credit report?

10 of 10

Unpaid collections and/or charge-offs can lead to wage garnishment.

©2023 Reseda Group LLC, used under license.

Copyright ©2023 Reseda Group LLC, used under license.