ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Losing your job
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nothing
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losing some of your possessions
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losing EVERYTHING.
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Detailed explanation-1: -The consequences of a Chapter 7 bankruptcy are significant: you will likely lose property, and the negative bankruptcy information will remain on your credit report for ten years after the filing date.
Detailed explanation-2: -You could lose assets of value Depending on which type of bankruptcy you qualify for, your income, the equity in your assets and other factors, you may lose your home, your car and other valuable items. Your trustee may be required to sell these items to repay your creditors.
Detailed explanation-3: -Effects can be: Negative credit rating, eg your credit score might make it harder to get loans in the future. Limited employment options, eg employers who see your insolvency as a risk might not want to hire you. Difficulty opening new accounts, eg banks and credit, gas, power, insurance and internet.
Detailed explanation-4: -No. There are no prisons for debtors in India and any such imprisonment will be unconstitutional. However, you can go to prison if you commit any fraud relating to the debts you owe.
Detailed explanation-5: -your bank account. the bills you pay. your savings. your pension. any one-off payments you get, such as an insurance claim or inheritance. how you borrow money.