ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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apples
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protection may be imposed by a court. According to the Federal Trade Commission (FTC), consumers must get credit counseling from a government-approved organization and complete a debtor education course before debts are cleared.
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ketchup
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Why don’t you know
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Detailed explanation-1: -In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) after heated debate. The new law was designed to deter people from pursuing bankruptcy by making filing for it more difficult and expensive, as well as less financially advantageous.
Detailed explanation-2: -Types of debt that cannot be discharged in bankruptcy include alimony, child support, and certain unpaid taxes. Other types of debt that cannot be alleviated in bankruptcy include debts for willful and malicious injury to another person or property.
Detailed explanation-3: -A Chapter 7 bankruptcy is typically removed from your credit report 10 years after the date you filed, and this is done automatically, so you don’t have to initiate that removal.
Detailed explanation-4: -Make sure Chapter 13 is the right choice. Analyze your debt. Value your property. Gauge your income. Fill out the bankruptcy forms. Take the required pre-filing course. File your forms and pay a fee. Provide the trustee with documents proving your income and other assets. More items