ECONOMICS
CREDIT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Common reasons that people file for bankruptcy include loss of income, high medical expenses, an unaffordable mortgage, spending beyond their means, or lending money to loved ones. Often, a bankruptcy is a result of several of these factors combined.
Detailed explanation-2: -Monstrous medical bills are the biggest driver of personal bankruptcies in the US. In fact, an American Journal of Public Health study found 66.5% of all bankruptcies are related to medical issues. The cause of bankruptcy was expensive medical bills or absence from work.
Detailed explanation-3: -There are several types of bankruptcy. The most common types are Chapter 7, Chapter 13, and Chapter 11. Chapter 7 Bankruptcy forgives you of most of your debt. You can keep most or all of your assets with a few exceptions.
Detailed explanation-4: -As of June 2022, the largest all-time bankruptcy in the United States remained Lehman Brothers. The New York-based investment bank had assets worth 691 billion U.S. dollars when filing for bankruptcy on September 15, 2008.