Bankruptcy Answers

Ricky spends $103.19 in additional interest and charges on monthly payments as the result of a prior bankruptcy. If Ricky had been able to save this money for one year and then put it into a savings account earning 3.1% simple interest, how much money could he have in savings after two more years?a.$1,238.28b.$1,276.67c.$1,315.06d.$2,476.56

Terry took out a mortgage loan for $60,000 at an interest rate of 11% for 25 years. If Terry had not had a bankruptcy on her credit report, her payments could have been $424.07 per month. How much is Terry paying in additional interest over the life of the loan? a. $49,200.00 b. $2,272.36 c. $163.00 d. $56,809.00 Please select the best answer from the choices provided.

The Smiths were just approved for a 25 year mortgage at an 11% fixed rate. If they had not filed bankruptcy in the past, they could have gotten a rate of 7%. If their loan amount is $128,000, how much more per month will the Smiths be paying for their mortgage as a result of their bankruptcy?a.$349.86b.$125,840.78c.$904.68d.$235.09

Cheri took out a loan for $14,350. The loan term was 3 years and Cheri’s payments were $625.77 per month. Since Cheri had filed for bankruptcy several years prior, she ended up paying a higher interest rate. With a better credit rating, her payments could have been $431.21 per month. How much more in interest did Cheri end up paying for her loan because of her bankruptcy? a. $5,836.80 b. $2,334.72 c. $8,624.16 d. $7,004.16 Please select the best answer from the choices provided

Nellie has a bankruptcy on her credit report and therefore pays higher interest rates on her current loans. She took out a car loan for $45,000 payable for 6 years at an interest rate of 15%. If she had not applied for bankruptcy, she would have been able to take out the loan at a rate of 6%. Approximately how much more in interest over the life of the loan does Nellie have to pay? a. $68,510.16 b. $53,696.16 c. $32,206.32 d. $14,814.00 Please select the best answer from the choices provided

Lewis recently filed bankruptcy and now has a poor credit rating. He moved into an apartment and is setting up new accounts for his electric and cable. The deposits and connection fees for customers based on their credit rating are shown below. Electric DepositElectric Connection FeeCable DepositCable Connection FeeGood Rating$90$50$65$75Poor Rating$205$75$150$110How much more in deposits and fees will Lewis pay to have his electric and cable turned on because of his bankruptcy?a.$260b.$280c.$360d.$540

Which of the following items would you most likely be able to keep in Chapter 7 bankruptcy?a.equity in your homeb.a fur coat worth $2,000c.a sports car with $6,000 equityd.tools for your woodworking hobby

A person who filed bankruptcy in the past is able to get a 25-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 $130,000 loan is 13%, compounded monthly.Assume this person could have received the lower interest rate on the loan and saved all of the difference on the payments for the first five years of the loan. If this person then invested this total amount in an account paying simple interest at the rate of 2%, how much money would have accumulated in interest by the time the mortgage is paid off?a.$547.37b.$32,842.38c.$13,196.95d.$17,179.23

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 three living in Georgia is thinking about filing bankruptcy. In order to file for Chapter 7 bankruptcy, what must be true about their monthly income?a.The family's monthly income must be less than $5,092.b.The family's monthly income must be more than $5,092.c.The family's monthly income must be less than $4,605.d.The family's monthly income must be more than $4,605.

Which of the following can not be discharged by filing bankruptcy?a.car loanb.credit card debtc.mortgaged.student loan