Bankruptcy Answers

Which of the following is not a true statement about filing bankruptcy?a.Bankruptcy erases all of your debt.b.It is possible to rebuild your credit after filing bankruptcy.c.There are exemptions that allow you to keep essentials.d.Bankruptcy stops aggressive action by creditors.

Which of the following phrases best summarizes Chapter 13 bankruptcy?a.discharge debt and keep propertyb.discharge debt and liquidate assetsc.reorganize debt and keep propertyd.reorganize debt and liquidate assets

Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. He calculates that the extra money he pays in additional interest each year, if invested at the rate of 2.5% for one year, could earn him simple interest totaling $300. How much does Tyrell pay in additional interest each month? a.$90b.$100c.$1,000d.$12,000

Tyrell has a bankruptcy on his credit report and therefore pays higher interest rates on his current loans. He calculates that the extra money he pays in additional interest each year, if invested at the rate of 2.5% for one year, could earn him simple interest totaling $300. How much does Tyrell pay in additional interest each month? a.$90b.$100c.$1,000d.$12,000

Which of the following is not a true statement about filing bankruptcy?a.Bankruptcy erases all of your debt.b.It is possible to rebuild your credit after filing bankruptcy.c.There are exemptions that allow you to keep essentials.d.Bankruptcy stops aggressive action by creditors.

A person who filed bankruptcy in the past is able to get a 30-year mortgage loan at a rate that is 6% higher than what they could have received if they had not filed. The interest rate this person pays on a $150,000 loan is 11%, compounded monthly.Assume the person could have received the lower interest rate on the loan and saved all of the difference in the payments for the first 10 years of the loan. If this person invested this total amount in an account paying simple interest at the rate of 2.5%, how much money would have accumulated in interest by the time the mortgage is paid off?a.$37,395.18b.$74,790.37c.$623.25d.$3,739.52

Use the following table to help answer the question below.StateSingle-earner2-person3-person4-personFlorida$41,226$52,259$58,574$69,009Georgia$40,691$55,258$61,104$68,502Missouri$39,645$51,568$60,371$71,059Texas$38,940$55,859$59,222$66,381Virginia$48,362$65,122$74,151$85,939A family of 2 that has a monthly income of $4,650 is thinking about filing bankruptcy. In order to file for Chapter 7 bankruptcy, in which of the following states could the family be living?a.Georgia or Floridab.Florida or Texasc.Georgia or Virginiad.Virginia or Texas

Since they filed bankruptcy in the past, a couple ends up paying a 12% fixed rate for a 30 year mortgage. With a better credit rating, they could have gotten the loan at a rate of 8%. If their loan amount is $140,000, how much more per month will the couple be paying for their mortgage as a result of their bankruptcy?a.$137,532.67b.$412.79c.$1,440.06d.$260.37

Zoe filed for bankruptcy several years ago and now wants to take out a loan for $15,200. Since Zoe has a past bankruptcy, she will end up paying a higher interest rate. The loan term is four years, and her payments are $819.20 per month. With a better credit rating, her payments could have been $440.82 per month. How much more in interest will Zoe end up paying for her loan because of her bankruptcy?a.$4,540.56b.$15,135.20c.$23,346.24d.$18,162.24

A person who files bankruptcy ends up paying a 5% higher fixed interest rate on a 25-year home loan than a person who has not filed bankruptcy. The person that does not file bankruptcy pays a 7.5% interest rate. If the loan amount is $160,000, how much more does the person who filed bankruptcy pay in total interest on the home loan than the person who has not filed bankruptcy?a.$168,654.22b.$562.18c.$157,073.04d.$110,878.95