Government and Economics Unit 7 lesson 7 Bankruptcy

The exhortation by Paul in Romans_______:8 is: Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law. This simply means that continual debt is not pleasing to the Lord.

13

In a Chapter 13 proceeding, the debtor surrenders his nonexempt property for division among his creditors.

False

Jesus taught financial responsibility to the government. The passage is found in ________ 17:27.

Matthew

"But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel." (1 ________ 5:8)

Timothy

In a bankruptcy, the priority debts -- the debts that the court feels should be paid first -- are paid, then the unsecured debts are added up.

True

The responsibility to pay debts and due notes is called financial obligation.

True

unsecured debt

a promise or obligation to pay to another a certain amount of money which has no collateral.

A_______bankruptcy is known as a "straight liquidation."

chapter 7

secured debt

obligation to pay to another a certain amount of money which has collateral that the creditor may seize.

A Chapter 13 bankruptcy filing is called what?

reorganization

bankruptcy

the act of being declared legally insolvent.

liquidation

the debtor surrenders his nonexempt property for division among his creditors.

lien

the right to take, sell, or hold property as security or payment of a debt.

Title 11

the section of the U.S.Code which deals with the rules and procedures of Bankruptcy.