chp 9 study Word Scramble

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Question	Answer
Unfortunately once you get in credit trouble you cannot negotiate lower payments.	False
Unfortunately errors on billing statements cannot be disputed.	False
If you find you are a victim of identity theft you should quickly close or freeze your credit accounts.	True
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
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
You can protect yourself against credit card fraud and scams if you carry five or more credit cards with you at all times.	False
Which of the following is NOT one of the Big Credit Bureau	Equiperian
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
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
The most risky of all bankruptcy preventive measures is	Debt settlement
All of the following are reasons consumers get into financial trouble except:	bad credit
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
When creditors petition the court to force a debtor into bankruptcy	involuntary bankruptcy
This service is available through nonprofit and government sponsored organizations	Credit counseling
The highest level of alternative dispute resolution (ADR) is	arbitration
Millions of consumers get into financial trouble because they have too much	debt
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
Who grants a person Bankruptcy?	federal government
Which of the following is NOT a way to avoid bankruptcy?	Voluntary bankruptcy
What are the three most common types of Bankruptcy?	Chapt. 7, Chapt. 11, Chapt. 13
When debtor files a petition with the court asking to be declared bankrupt	voluntary bankruptcy
All of the following influence your credit score except	Income tax return
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
All of the following are reasons for Bankruptcy except	Investing in 401K
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
Normally used by commercial enterprises that desire to continue operating a business and concurrently repay creditors	Chapter 11 Bankruptcy
Requires debtors to give up most of their assets	Chapter 7 Bankruptcy
Entails adjustments of debts for an individual with regular income, designed for an individual debtor	Chapter 13 Bankruptcy
Usually people with good steady income opt for this type of bankruptcy.	Chapter 13 Bankruptcy
Instead of a total lose, this bankruptcy allows repayment of some but not all of the debt to their respective creditors.	Chapter 13 Bankruptcy
Most debts can be discharged.	Chapter 7 Bankruptcy
A trustee takes over the assets of the debtor’s estate, reduces it to cash and make distributions to creditors	Chapter 7 Bankruptcy
Allows companies to keep their things while repaying debts	Chapter 11 Bankruptcy
This bankruptcy is associated with large corporations	Chapter 11 Bankruptcy
Ensures that a business can still operate after bankruptcy.	Chapter 11 Bankruptcy
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
A(n) __________ is a second mortgage or debt secured with the equity in your home.	equity loan
__________ 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
The process of helping consumers resolve problems with creditors and others is called __________.	consumer advocacy
The __________ Act protects consumers from discrimination in the granting or denying of credit.	Equal Credit Opportunity
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
With __________ scams, a company claims to be able to “fix” your poor credit record and give you a clean credit history.	credit repair
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
In a lawsuit, the person filing the complaint is called the __________.	plaintiff
A(n) __________ is a court order that pardons the debtor from having to pay debts.	discharge

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