» Additional Lesson Ideas:
- Ask students to write a one-paragraph summary of what they believe is good or bad about credit cards
- Based upon this summary, information from the video and/or additional research, have students create a persuasive letter or cartoon that illustrates their viewpoint
What Does it Mean?
"A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies:
- liquidation, in which your debts are wiped out (discharged) and
- reorganization, in which you provide the court with a plan for how you intend to repay your debts.
For both consumers and businesses, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11." [Source: URL http://www.bankruptcyinformation.com/]
- Ask students to identify the difference between Chapter 7, Chapter 13, and Chapter 11 bankruptcies.
- Ask students to distinguish between dischargeable debts and non-dischargeable debts.
The following Web site makes the search for terms easy.