Practice Test Geeks(CBS) Certified Bankruptcy Specialist Practice Test
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Post-Bankruptcy Recovery Planning Flashcards

7 cards from real CBS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Post-Bankruptcy Recovery Planning flashcards as text

  1. After receiving a Chapter 7 discharge, how long must a debtor wait before filing another Chapter 7 case?

    Answer: 8 years

    Under 11 U.S.C. § 727(a)(8), a debtor must wait 8 years from the prior Chapter 7 filing date before receiving another Chapter 7 discharge.

  2. Which credit bureau reporting rule governs how long a Chapter 7 bankruptcy remains on a consumer's credit report?

    Answer: Fair Credit Reporting Act (FCRA)

    The FCRA limits Chapter 7 bankruptcy reporting to 10 years from the filing date, while Chapter 13 is limited to 7 years.

  3. A debtor who completed Chapter 13 wants to build credit. Which secured product is typically the most accessible immediately post-bankruptcy?

    Answer: Secured credit card

    Secured credit cards require a cash deposit as collateral, making them accessible to post-bankruptcy debtors who would be declined for unsecured products.

  4. Which of the following post-discharge debts is most likely to be reported positively to credit bureaus and help rebuild credit?

    Answer: New secured auto loan with on-time payments

    A new secured auto loan with timely payments creates a positive payment history that credit bureaus report favorably, directly rebuilding credit scores.

  5. A post-bankruptcy client receives pre-approved credit card offers with very high interest rates. What term describes this predatory lending practice targeting financially vulnerable consumers?

    Answer: Risk-based pricing

    Risk-based pricing refers to charging higher interest rates based on a borrower's perceived credit risk, which post-bankruptcy debtors often face.

  6. Which financial tool allows a post-bankruptcy debtor to report rent payments to credit bureaus to accelerate credit rebuilding?

    Answer: Rent reporting service

    Rent reporting services like RentTrack or Rental Kharma report on-time rental payments to credit bureaus, adding positive tradelines for post-bankruptcy consumers.

  7. After a Chapter 7 discharge, a debtor wants to purchase a home. What is the typical FHA loan waiting period from the discharge date?

    Answer: 2 years

    FHA guidelines generally require a 2-year waiting period after Chapter 7 discharge before a borrower qualifies for an FHA-insured mortgage.

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