Non-Dischargeable Debts

Description: This quiz tests your knowledge on Non-Dischargeable Debts.
Number of Questions: 15
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Tags: bankruptcy law non-dischargeable debts
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Which of the following debts is non-dischargeable in bankruptcy?

  1. Student loans

  2. Credit card debt

  3. Medical bills

  4. Personal loans


Correct Option: A
Explanation:

Student loans are generally non-dischargeable in bankruptcy, unless the debtor can prove undue hardship.

What is the definition of undue hardship in the context of student loans?

  1. The debtor cannot afford to repay the loans without sacrificing basic necessities.

  2. The debtor has a disability that prevents them from working.

  3. The debtor is unemployed or underemployed.

  4. All of the above


Correct Option: D
Explanation:

Undue hardship in the context of student loans is defined as a situation where the debtor cannot afford to repay the loans without sacrificing basic necessities, has a disability that prevents them from working, or is unemployed or underemployed.

Which of the following debts is dischargeable in bankruptcy?

  1. Taxes

  2. Child support

  3. Alimony

  4. Credit card debt


Correct Option: D
Explanation:

Credit card debt is generally dischargeable in bankruptcy, unless the debt was obtained by fraud or misrepresentation.

What is the statute of limitations for filing a bankruptcy petition?

  1. 2 years

  2. 4 years

  3. 6 years

  4. 8 years


Correct Option: B
Explanation:

The statute of limitations for filing a bankruptcy petition is 4 years from the date the debt was incurred.

Which of the following is not a type of bankruptcy?

  1. Chapter 7

  2. Chapter 11

  3. Chapter 12

  4. Chapter 14


Correct Option: D
Explanation:

Chapter 14 bankruptcy is not a type of bankruptcy.

What is the purpose of filing for bankruptcy?

  1. To discharge debts

  2. To stop creditors from collecting debts

  3. To reorganize debts

  4. All of the above


Correct Option: D
Explanation:

The purpose of filing for bankruptcy is to discharge debts, stop creditors from collecting debts, and reorganize debts.

Which of the following is not a benefit of filing for bankruptcy?

  1. Discharge of debts

  2. Protection from creditors

  3. Reorganization of debts

  4. Tax relief


Correct Option: D
Explanation:

Tax relief is not a benefit of filing for bankruptcy.

Which of the following is a disadvantage of filing for bankruptcy?

  1. Damage to credit score

  2. Loss of assets

  3. Difficulty obtaining credit in the future

  4. All of the above


Correct Option: D
Explanation:

All of the above are disadvantages of filing for bankruptcy.

Which of the following is not a type of non-dischargeable debt?

  1. Student loans

  2. Taxes

  3. Child support

  4. Alimony


Correct Option: B
Explanation:

Taxes are not a type of non-dischargeable debt.

Which of the following is a type of non-dischargeable debt?

  1. Credit card debt

  2. Medical bills

  3. Personal loans

  4. All of the above


Correct Option: D
Explanation:

Credit card debt, medical bills, and personal loans are all types of non-dischargeable debt.

Which of the following is not a type of bankruptcy?

  1. Chapter 7

  2. Chapter 11

  3. Chapter 13

  4. Chapter 15


Correct Option: D
Explanation:

Chapter 15 bankruptcy is not a type of bankruptcy.

Which of the following is a type of bankruptcy?

  1. Chapter 7

  2. Chapter 11

  3. Chapter 12

  4. All of the above


Correct Option: D
Explanation:

Chapter 7, Chapter 11, and Chapter 12 are all types of bankruptcy.

Which of the following is not a benefit of filing for bankruptcy?

  1. Discharge of debts

  2. Protection from creditors

  3. Reorganization of debts

  4. Tax relief


Correct Option: D
Explanation:

Tax relief is not a benefit of filing for bankruptcy.

Which of the following is a disadvantage of filing for bankruptcy?

  1. Damage to credit score

  2. Loss of assets

  3. Difficulty obtaining credit in the future

  4. All of the above


Correct Option: D
Explanation:

All of the above are disadvantages of filing for bankruptcy.

Which of the following is not a type of non-dischargeable debt?

  1. Student loans

  2. Taxes

  3. Child support

  4. Alimony


Correct Option: B
Explanation:

Taxes are not a type of non-dischargeable debt.

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