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FiCep Part 1 (Questions & Answers) 100% Correct!!2025
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FiCep Part 1 (Questions & Answers) 100% Correct!!2025
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Name: Score:98 Multiple choice questions
Term 1 of 98
What are the 4 counseling concepts?
1. Recognize the need for change
2. Introduce new ideas and collect information
3. Revise the plan to integrate new information
4. Make changes part of everyday habits
1. A missed pymt (even by a day)
2. Lack of insurance
3. Title problem's created by member's use of vehicle, or other circumstances
4. Death of a joint holder on loan contract
1. People are resourceful-they just need to be taught what their resources are
2. Every life event is an opportunity for growth and learning
3. No one way is always best
4. Change is constant
1. Stop creating debt
2. Analyze your debt
3. Sell something
4. Refinance and/or consolidate debt
5. Use credit wisely
6. Develop a plan
7. Set goals
8. Implement and monitor your plan
,Term 2 of 98
What are examples of debts that are dischargeable in Chapter 13 Bankruptcy that are not in
Chapter 7?
1. Paying more on principle
2. Rolling up payments
Capacity
Credit History
Character
Collateral
Foreclosure that involves a court hearing
-Credit card fraud
-Embezzlement
-Larceny
Term 3 of 98
What are the three choices for dealing with secured debts in a Chapter 7 Bankruptcy?
1. What can I do for you today?
2. Do you feel that you are in control of your money?
1. Discovery hearing
2. Wage Garnishment
3. Levy (non-wage garnishment)
4. Writ of execution or attachment
5. Lien
1. Stop doing business with you
2. Report default to credit bureau
3. Begin a lawsuit to collect debt
1. Surrender the collateral
2. Redeem the collateral
3. Reaffirm the loan obligation with creditor
,Definition 4 of 98
1. An abstract of judgement
-creates a legal record, or
abstract, that records how much
is owed by the debtor
2. A Consent Judgement
-Issued by the court when
debtor and creditor agree that a
debt is owed
3. A Default Judgement
-Issued to creditor when debtor
fails to respond to a court
summons
4. A Summary Judgement
-Issued when court agrees that
debtor must repay debt w/o
requiring trial
What are the 4 typical types of judgments sought by creditors?
What are the six steps of the financial counseling process?
What are the areas of protection outlined in the FDCPA?
What are 7 options to explore before filing bankruptcy?
, Term 5 of 98
What types of savings should a spending plan provide for?
1. Create a complete list of all current creditors (this includes monthly expenditures as well
as debts)
2. Obtain current info about income
3. Verify the accuracy of member info
4. Review cash flow
1. Emergency savings
2. Set-aside savings
3. Retirement savings
1. Minimum payment
2. APR
3. Grave period
4. Annual fees
5. Late fees
1. Identification and employment info
2. Public record info
3. Payment history
4. Inquiries
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