Understand Your Knowledge

Test Your Bankruptcy I.Q.

Pick the answer you think is most correct.

  • The largest number of bankruptcies filed in the United States were filed in 2002, 2005, 2008 or 2009?

In the year 2005. The National Center for Bankruptcy Accountability estimates that nearly one million of the 2,078,415 filings were done by parties prior to the more stringent requirements of Bankruptcy Abuse Protection and Consumer Protection Act of 2005,(BAPCPA).

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  • Over the last ten years, there have been over _________ bankruptcy filings in the United States.

    10,000,000 or 13,000,000 or 17,000,000

Over the last ten years, there have been over 13,000,000 bankruptcy filings in the United States.

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  • The millions who filed for bankruptcy over the last ten years, represents 1 out of every _____ persons in the United States.

    100 or 45 or 23

The millions, who filed for bankruptcy over the last ten years, represents 1 out of every 23 people in the United States.

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  • In the last ten years, about __________ people have been directly affected by a bankruptcy filing in their household.

    10,000,000 or 20,000,000 or 30,000,000

In the last ten years, about 30,000,000 people have been directly affected by a bankruptcy filing in their household.

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  • It is a fact that Chapter 11 reorganization bankruptcy cases, although they represent less than ____ of all the bankruptcy cases, the amount of money involved is more than all the other bankruptcy cases combined.

    3% or 7% or 12%

It is a fact that Chapter 11 reorganization bankruptcy cases, although they represent less than 3% of all the bankruptcy cases, the amount of money involved is more than all the other bankruptcy cases combined.

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  • It is a fact that 5 out of the 10 largest bankruptcy cases in the United States were filed in the two year period ______________.

    1990-1991, 2001-2002, 2003-2004, or 2008-2009.

Five of the ten largest bankrutpcy cases were in the years 2008-2009. The largest was Lehman Brothers Holdings Inc. followed by two other financial institutions Washington Mutual and CIT and the auto giants General Motors and Chrysler.

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  • It is a fact that the total dollar amount of these 5 bankruptcies was over______________.

    100 billion dollars, 250 billion dollars, 500 billion dollars, 1 trillion dollars.

Over one trillion dollars.

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  • These 5 cases alone represent about _______ for every man woman and child in the United States.

    $1,000, $2,000, $3,000, $4,000 or $5,000.

The $1,173, 500, 000,000 in assets of the 5 largest bankruptcies in 2008-2009 represent about $4,000 per every man woman and child in the U.S.A.

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