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Intro to FP > Consumer Protection Laws > Flashcards

Consumer Protection Laws Flashcards

1
Q

Automatic Stays apply to Alimony or Child Support?

A

No

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2
Q

Do automatic stays apply to Criminal suits?

A

No

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3
Q

2 chapters of bankruptcy

A

Chapter 7 Chapter 13

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4
Q

What does bankruptcy stop?

A

Stops foreclosures, property repossessions, sales of propert

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5
Q

State exemption laws

A

Allows the debtor to keep certain property

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6
Q

Examples of exempted property

A

Portion of home equity
Clothes
Household items
Furnishings and appliances
Cars of limited value
Tools used in business
Jewelry worth less than $1875
pensions and public benefits
SS, welfare, unemployment comp accumulated in a bank account

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7
Q

Non exempt property that must be given up in Bankruptcy

A

cash, bank accts, stocks, bonds, other investments
2nd homes/vacation homes
2nd cars or trucks
Stamps, coins, other collections
family heirlooms

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8
Q

State vs Federal bankruptcy exemptions

A

States can opt out of federal exemptions
Some ALLOW YOU TO CHOOSE which exemption list you want state or fed

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9
Q

Chapter 7

A

-eliminates debt by selling personal property to repay creditors
-monthly income avgd over 6 months prior to filing
-income must be less or equal to states median
-if exceeds median a means test is applied

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10
Q

Means test

A

determines if enough disposable income to repay at least a portion of unsecured debt over a 5 year period

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11
Q

When does chapter 13 apply

A

If debtors have more than a specified amount in DISPOSABLE INCOME

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12
Q

Chapter 13

A

allows debtors to keep all personal assets, but obligated to repay debt in full over a period of time

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13
Q

What happens at end of bankruptcy

A

Once creditors are repaid a discharge is issued

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14
Q

Requirement prior to receive discharge from bankruptcy

A

Complete a personal financial management course

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15
Q

How long does bankruptcy stay on credit report?

A

10 years

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16
Q

What happens if you get behind on bankruptcy payments

A

Debtor can amend the repayment plan

17
Q

What income factors into bankruptcy repayments?

A

Wages, rental income, benefit payments

18
Q

Chapter 13 thresholds based on what type of debt

A

Secured - mortgage or car loans
Unsecured - credit card debt
Both under certain thresholds that adjust for inflation

19
Q

Chapter 13 thresholds adjusted for inflation how often

A

every 3 years

20
Q

Chapter 7 debts discharged how many days after assets are distributed to creditors?

A

115 days

21
Q

Fair Credit Reporting Act

A

-Everyone can request free credit report 1x a year
-can challenge incorrect info
-can sue agency if they dont correct

22
Q

If employers want to review your credit what do they need?

A

your written permission

23
Q

Truth in Lending act

A
  • lenders must disclose the TRUE COST of consumer credit, explaining all charges, terms and conditions in plain english
  • think “truth”
24
Q

Truth in lending right of recission

A

3 days in any loan agreement where home used for collateral

25
Q

Truth in lending credit card provisions

A

-cant be liable for more than $50 per card
-companies cant send unauthorized cards

26
Q

Fair Credit Billing Act

A

-procedures for correcting billing errors
-allows consumers to withhold payment on defective items
-limits time some info can be kept in a credit card file
-think “billing”

27
Q

equal credit opportunity act

A

-cannot discriminate - cant discriminate against someone on public assistance
- written explanation of any adverse actions taken

28
Q

Would you have to give up a family heirloom or stamps/coin collection in bankruptcy?

A

Yes. These are not excluded

29
Q

Jewelry exclusion - what can you keep in bankruptcy?

A

You can keep jewelry worth less than $1875

30
Q

How do you pay the debt under chapter 7?

A

You sell property

31
Q

Repayment plan

A

An installment plan to repay creditors an amount they would have received under chapter 7, or more

32
Q

Fair debt collection act

A

prohibits unfair practices by DEBT COLLECTORS

33
Q

Electric Fund Transfer Act

A

atm card is lost or stolen - $50 if you notify within 2 biz days, $500 if notified within 3-59 days

34
Q

Fair credit and charge disclosure act

A

co’s must disclose FEES, TERMS, INTEREST RATES on cards

35
Q

Graeme Lesh Bliley Financial Modernization act

A

safeguards privacy of PERSONAL INFO held by bank
must send privacy notice
you can opt out of having info shared with 3rd parties

36
Q

What to do if identity is stolen

A

file complaint with FTC and police report to extend fraud alert protection for 7 YEARS

37
Q

Is alimony a dischargeable debt in bankruptcy?

A

No

Intro to FP (14 decks)

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