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Flashcards in GPFP - 12 Deck (17)
0

Bankruptcy filings they remain on the credit report for up to?

10 years

1

Involuntary petition for bankruptcy will be approved when the creditors have a valid claim against the debtor (what is owed exceeds the value of any security they hold by more than ___) and when the debtor is not paying debts as they come due.

$14,425

2

___ of the bankruptcy act provides for the various procedures for liquidating the debtor.

Chapter 7

3

If there is a danger of losing the house or car, an individual may consider filing for ___ bankruptcy, which allows the individual to develop a plan for repaying creditors, without liquidating assets.

Chapter 13

4

Debts can be discharged under Chapter 7 bankruptcy only once every?

Eight years

5

Bankruptcy exemptions

Life insurance
Qualified retirement plans
Homestead
Limited equity in car or personal property

6

Bankruptcy nondischargeable debts

Taxes
Alimony
Child-support
Student & government loans
Crimes, fines, penalties, etc.

7

___ of the bankruptcy act is intended for businesses, individuals, and partnerships whose financial problems maybe solvable if the bankrupt parties are given some time and guidance in managing your financial obligations.

Chapter 11

8

___ of the bankruptcy act is intended for family farmers with regular income who's debts are not more than $3,792,650.

Chapter 12

9

The debtor is required to file a plan within ___ of filing the chapter 12 bankruptcy petition.

90 days

10

___ of the bankruptcy act is intended for individuals (with full-time jobs or regular income) who are in financial difficulty.

Chapter 13

11

Punch contributed to a Coverdell education savings account for a child or grandchild are excluded for bankruptcy if your contributions were made at least ___ before the filing for bankruptcy.

One year

12

Funds from 529 plans are excluded from bankruptcy if the contributions are made at least ___ before the filing.

Two years

13

___ do not receive the same bankruptcy protection as IRAs owned by the participant.

Inherited IRAs

14

Foreclosure relief – tax payers could exclude from their income up to $2 million dollars ($1 million MFS) of forgiven debt when the bank foreclosed on the taxpayer's principal residence between?

January 1, 2007 and December 31, 2013

15

Home is a short sale

Sale price is less than the outstanding mortgage balance

16

The consumer credit protection act – The maximum amount that may be garnished for unpaid debts is?

25% of take-home pay