Question

dante always paid his bills on time and had plenty in savings. after being laid off from his job and paying some medical bills, he finds himself struggling financially. he does not want to lose his house or car. what are some of his options? use the drop - down to complete each statement. dante could file for chapter 7, chapter 13 bankruptcy and be able to retain his possessions. he could seek a loan to make his monthly payments more manageable. a could help arrange a workable debt management plan to repay what he owes.

Explanation:

1. For the first blank: Chapter 13 bankruptcy is for reorganizing debt and allowing retention of assets (like house/car) with a repayment plan, while Chapter 7 is liquidation. Since Dante wants to keep his possessions, Chapter 13 is correct (the initial check on Chapter 7 was incorrect; likely a mistake in the image, but based on context, Chapter 13 is right).
2. For the second blank: A "debt consolidation" loan combines multiple debts into one, making payments more manageable.
3. For the third blank: A "credit counseling agency" helps arrange debt management plans by working with creditors to set up affordable repayment schedules.

Answer:

1. Dante could file for $\boldsymbol{\text{Chapter 13}}$ bankruptcy and be able to retain his possessions.
2. He could seek a $\boldsymbol{\text{debt consolidation}}$ loan to make his monthly payments more manageable.
3. A $\boldsymbol{\text{credit counseling agency}}$ could help arrange a workable debt management plan to repay what he owes.