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LET’S PRACTICE
Name: _____________________________________________________________________________
10. Chapter 11 is generally used by ___________ that want to continue __________ while they repay creditors.
11. Chapter 11 debtors must file a plan of ______________ which enables them to discharge all or part of their debts; they also have the right to ___________ burdensome __________ and __________.
12. The goal of Chapter 11 is for a business to reorganize, which includes the ___________ of some debts and return to ______________. 13. If you’re ever an insolvent family farmer or fishermen , you might consider filing Chapter ____. PRODUCT PREVIEW 14. Chapter 13 is for people with a regular ________ but too much debt. 15. Under Chapter 13 , a debtor can make ______________ to their debt based on their income; unlike Chapter 7, their assets are not ____________ to pay creditors. 16. Under Chapter 13 , an individual debtor files a ____________ plan. As long as they comply with the plan, they are protected from ____________________________________________________ by a creditor. 17. When a debtor files bankruptcy, the ___________ stay immediately stops any pending foreclosure action or eviction. 18. Criminal ______, orders of __________, and student ______ are among the class of ____-dischargeable debts. 19. A bankruptcy discharge eliminates _________ liability for a debt. Unless they also file bankruptcy, a co-signer, co-borrower and guarantor remain personally ________________ for the debt. 20. How can a bankruptcy actually benefit a creditor who has not been paid in several months? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 361
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