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Lesson 7: How To Handle Bad Credit

1 Quiz
- Lesson 7: Quiz

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Lesson 8: Quiz

Wise Credit Management Lesson 8: Quiz

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Question 1 of 5

1. Question
Will a Bankruptcy filing ever come off your credit report?
- Yes, 10 years after discharge for Chapter 7, and 7 years after filing for Chapter 13.
- No, you're bankrupt for life.
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Question 2 of 5

2. Question
What is a “self imposed” debt management plan?
- This is when you create a budget and follow it, cut what you don’t absolutely need out of your budget and put it toward your debt, and stick to it with a well-defined plan and set of goals. It usually won’t work if you are already behind on payments
- Court ordered protection
- A bad way to approach debt
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Question 3 of 5

3. Question
What is a debt management plan?
- A 5 year repayment plan set up by a Certified Credit Counselor that will combine all unsecured debts into one payment. You must make your payment every month on time. It usually helps people who are behind on unsecured accounts
- Court-ordered payment plan
- Something you need help from a lawyer to do
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Question 4 of 5

4. Question
What is Chapter 13 Bankruptcy Protection?
- This protection will stop creditors from foreclosure or eviction, repossessing your car and it can stop wage garnishment. You will have a 5 year repayment plan for unsecured debts, similar to a DMP above but set up by a court trustee.
- Something you will never recover from
- Easy
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Question 5 of 5

5. Question
What is Chapter 7 Bankruptcy Protection?
- All your unsecured debts are dismissed. The court will allow you to keep exempt items such as some equity in your home, an inexpensive car, your retirement account and personal items like your wedding ring
- Something you will never recover from
- A continuing payment program
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