Bankruptcy Basics
This type of bankruptcy involves liquidating assets to pay creditors
What is Chapter 7 Bankruptcy?
This law prohibits discrimination in lending.
What is the Equal Credit Opportunity Act (ECOA)?
This agency ensures non-discriminatory access to financial products and services.
What is the CFPB?
This act strengthened corporate governance and financial reporting after major scandals.
What is the Sarbanes-Oxley Act (SOX)?
The Sarbanes-Oxley Act requires these executives to certify financial statements.
Who are the CEO and CFO?
This type of bankruptcy allows businesses to reorganize and stay operational during debt restructuring.
What is Chapter 11 Bankruptcy?
This agency enforces federal consumer financial laws and protects consumers from predatory practices.
What is the Consumer Financial Protection Bureau (CFPB)?
The ECOA requires lenders to provide this when denying credit.
What is the reason for the denial?
Companies must file this statement with the SEC before selling securities.
What is a registration statement?
Accurate financial statements build this with investors.
What is trust?
Farmers and fishermen can use this specialized bankruptcy type.
What is Chapter 12 Bankruptcy?
This act protects consumer credit information by ensuring accuracy and fairness.
What is the Fair Credit Reporting Act (FCRA)?
This act prohibits deceptive advertising and predatory lending.
What is the Securities Exchange Act of 1934?
This agency regulates securities markets and prevents market manipulation.
What is the Securities and Exchange Commission (SEC)?
The CFPB educates consumers about their rights and responsibilities in this marketplace.
What is the financial marketplace?
Under Chapter 13 bankruptcy, individuals create this to repay debts over 3-5 years.
What is a repayment plan?
These laws regulate the maximum interest rates that lenders can charge.
What are usury laws?
The FCRA allows consumers to dispute these in their credit reports.
What are inaccuracies or errors?
This type of trading, involving non-public information, is prohibited under the Securities Exchange Act.
What is insider trading?
This is a key outcome of adhering to financial transparency laws
What is fraud prevention?
Name one type of debt that cannot typically be discharged in bankruptcy.
What are student loans or recent taxes?
Lenders must provide this document before selling securities to ensure transparency
What is a prospectus?
This federal agency enforces tax laws and conducts audits.
What is the Internal Revenue Service (IRS)?
This act addresses fair and orderly trading practices in the secondary market
What is the Securities Exchange Act of 1934?
Companies disclose financial risks and management analysis in this document
What is the prospectus?