Robinson vs Murray Family
Family that had the better finances
Robinson Family
____ = borrowed money
debt
Most common length of time that bankruptcy stays on your credit report?
10 years
Most current age of retirement in the US
67
You set _____ in a budget.
limits
A kid's college savings plan
529
The bankruptcy that is sought first by those filing for it
Ch. 7 - liquidation
The test one must pass to file Ch. 7 Bankruptcy
Means test
Two government programs that are supposed to cover expenses of future retirement
Social Security and Medicare
A reason Social Security and/or Medicare is running out
Not enough money going in
People living longer
Higher medical expenses
The equity you have in a car that is leased
None
Ch 7 = ___________ Bankruptcy
Liquidation
Bankruptcy where some of your assets are sold to pay off debt
Ch 7
Liquidation
Insurance you should use along with Medicare?
GAP
% of Americans that run out of money BEFORE their next paycheck
20
Amounts you owe
Liability
Ch 13 = _____ Bankruptcy
Reorganization
Bankruptcy where you are put on a repayment plan
The reason US politicians will not fix Social Security or Medicare?
They want your vote or
They won't be in office anyways
2 most common ways to prepare for uncontrollable events
emergency savings
insurance
____ - _____ = Owner's Equity
Assets - Liabilities
The two items that CAN NOT be forgiven in bankruptcy?
back taxes
student debt
alimony
child support
The record of your history of paying back your debt
credit score
Two ways to solve the Social Security and Medicare crises
More taxes
Higher retirement age
Cut benefits
or get own retirement account
Social Security and Medicare get their money from?
Taxes