1233 D Question 1 5 pts A bankruptcy may stay on your credit

12:33 D Question 1 5 pts A bankruptcy may stay on your credit report for ?? to 10 years. True False D Question 2 5 pts When the debtor files a bankruptcy there is an automatic stay. True O False D Question 3 5 pts A bankruptcy will discharge all types of debt O True O False D Question 4 5 pts Chapter 7 is called a liquidation All non-exempt property is sold and dischargeable debts are discharged O True O False

Solution

1. The statement is true. A bankruptcy may stay on your credit report for upto 10 years depending on chapter 7 or 13 was filed. A chapter 7 bankruptcy remains on your credit report for 10 years after the date filed. A chapter 13 bankruptcy remains on your credit report for 7 years after the date filed.

2. The automatic stay immediately goes into effect upon the filing of debtor\'s bankruptcy, wheather it be chapter 7 or chapter 13 case. It is generally imposed to stop certain creditors who want to start or continue taking action against the debtor or debtor\'s property.

Answer- True