Paying Off Debt Quiz

1. Which of these debts is not discharged in Chapter 7 bankruptcy?

A. Credit cards
B. Student loans
C. Child support
D. Medical bills
E. Both B and C

2. When a debt is really old, what happens if the statute of limitations has expired?

A. You don’t need to pay the debt.
B. You could still be sued and forced to pay what you owe.

3. If a court rules that your assets can be garnished to repay a debt, which funds cannot be garnished

A. Social Security benefits
B. Supplemental Security Income benefit
C. Railroad benefits
D. Federal disability benefits
E. All of the above

4. If your home goes into foreclosure, the bank can sue you to recover its loss.

A. True
B. False
C. It depends on where you live.

5. Which age group has the most credit card debt?

A. 18-24
B. 25-34
C. 55-64
D. 65 and older

6. Credit card debts that are charged off have to be repaid in full.

A. True
B. False

7. Will delinquent or defaulted student loans ever go away?

A. Yes
B. No

8. When your mate owes money, are you also on the hook?

A. Yes
B. No
C. It depends on the loan.

9. If your ex-spouse racked up debt, can creditors come after you?

A. Yes
B. No

10. When your past-due credit card debt has been resold to a collection agency, does the agency have a right to collect?

A. Yes
B. No
C. It depends.

Advertisements