Bankruptcy Quiz
A quiz to test your knowledge of bankruptcy
1. Question 1: What is bankruptcy?
A legal process where an individual or business declares inability to pay debts.
A type of investment that guarantees high returns.
A method to transfer ownership of assets to a new owner.
A government program that provides financial aid to struggling individuals.
2. Question 2: When should someone consider filing for bankruptcy?
When they are unable to repay their debts and have explored other options.
When they want to avoid paying their debts.
When they want to increase their credit score.
When they want to start a new business.
3. Question 3: Does filing for bankruptcy discharge all types of debts?
Yes, all types of debts are automatically discharged.
No, only credit card debts are discharged.
No, secured debts and student loans are generally not discharged.
No, medical debts are the only ones discharged.
4. Question 4: How does bankruptcy affect a person's credit score?
It has no impact on the credit score.
It improves the credit score immediately.
It significantly lowers the credit score.
It only affects the credit score temporarily.
5. Question 5: Can bankruptcy be filed multiple times?
No, bankruptcy can only be filed once in a lifetime.
Yes, bankruptcy can be filed multiple times with no restrictions.
Yes, as long as the person has enough assets to cover their debts.
No, bankruptcy can only be filed twice in a lifetime.
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