Study guide chapter 9
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| Unfortunately once you get in credit trouble you cannot negotiate lower payments. | False
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| Unfortunately errors on billing statements cannot be disputed. | False
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| If you find you are a victim of identity theft you should quickly close or freeze your credit accounts. | True
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| One of the warning signs that debt has become a problem is that your cred card balances are at or near your credit limit. | True
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| If your card is lost or stolen you should wait at least 48 hours before notifying credit card companies just in case your find it or it is returned. | False
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| You can protect yourself against credit card fraud and scams if you carry five or more credit cards with you at all times. | False
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| Which of the following is NOT one of the Big Credit Bureau | Equiperian
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| Sara Wong has a house valued at $189,900. Her mortgage is for $130,000. How much money can she borrow with a home equity loan if the bank will lend 60 percent of the equity in her home? | $35,940
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| Jacki Sanchez has a house valued at $325,000. Her mortgage is for $230,000. How much money can she borrow with a home equity loan if the bank will lend 80 percent of the equity in her home? | $76,000
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| The most risky of all bankruptcy preventive measures is | Debt settlement
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| All of the following are reasons consumers get into financial trouble except: | bad credit
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| Your credit card was stolen. You reported the theft within 2 hours. After the theft was reported, the thief charged $4,500 at a jewelry store and $2,500 at an electronics store. How much of the fraudulent charges will you have to pay? | $0
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| When creditors petition the court to force a debtor into bankruptcy | involuntary bankruptcy
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| This service is available through nonprofit and government sponsored organizations | Credit counseling
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| The highest level of alternative dispute resolution (ADR) is | arbitration
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| Millions of consumers get into financial trouble because they have too much | debt
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| You filing bankruptcy & have these outstanding debts: Credit card balances $18,000 Unpaid medical bills $21,000 Student loans $14,500 Bank loan$3,200 Delinquent child support $5,800 How much of your debt will be discharged in a Chapter 7 bankruptcy? | $42,200
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| Who grants a person Bankruptcy? | federal government
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| Which of the following is NOT a way to avoid bankruptcy? | Voluntary bankruptcy
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| What are the three most common types of Bankruptcy? | Chapt. 7, Chapt. 11, Chapt. 13
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| When debtor files a petition with the court asking to be declared bankrupt | voluntary bankruptcy
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| All of the following influence your credit score except | Income tax return
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| All of the following are things that can happen if you fail to take actions when you begin having problems paying your debt | Lower interest rates
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| All of the following are reasons for Bankruptcy except | Investing in 401K
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| In this situation the single payments is usually much less than the total of the minimum payments on a number of loans or debts | debt consolidation
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| Normally used by commercial enterprises that desire to continue operating a business and concurrently repay creditors | Chapter 11 Bankruptcy
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| Requires debtors to give up most of their assets | Chapter 7 Bankruptcy
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| Entails adjustments of debts for an individual with regular income, designed for an individual debtor | Chapter 13 Bankruptcy
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| Usually people with good steady income opt for this type of bankruptcy. | Chapter 13 Bankruptcy
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| Instead of a total lose, this bankruptcy allows repayment of some but not all of the debt to their respective creditors. | Chapter 13 Bankruptcy
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| Most debts can be discharged. | Chapter 7 Bankruptcy
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| A trustee takes over the assets of the debtor’s estate, reduces it to cash and make distributions to creditors | Chapter 7 Bankruptcy
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| Allows companies to keep their things while repaying debts | Chapter 11 Bankruptcy
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| This bankruptcy is associated with large corporations | Chapter 11 Bankruptcy
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| Ensures that a business can still operate after bankruptcy. | Chapter 11 Bankruptcy
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| If the bankruptcy court suspects that a debtor has purposely failed to report all of his or her assets, it may dismiss the bankruptcy case and prosecute the debtor for bankruptcy __________. | fraud
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| A(n) __________ is a second mortgage or debt secured with the equity in your home. | equity loan
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| __________ is a legal process that allows part of an employee’s paycheck to be withheld and sent directly from the employer to the creditor. | Garnishment
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| The process of helping consumers resolve problems with creditors and others is called __________. | consumer advocacy
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| The __________ Act protects consumers from discrimination in the granting or denying of credit. | Equal Credit Opportunity
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| When a car is pledged as collateral on a secured loan and the debtor fails to make payments, the creditor may __________ the car and sell it to pay the debt. | repossess
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| With __________ scams, a company claims to be able to “fix” your poor credit record and give you a clean credit history. | credit repair
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| To help monitor your credit file, you may want to enroll in a(n) __________, which is a plan that provides credit monitoring for a fee. | credit protection service
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| In a lawsuit, the person filing the complaint is called the __________. | plaintiff
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| A(n) __________ is a court order that pardons the debtor from having to pay debts. | discharge
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