In this session, students learn about debt management plans. Students are introduced to the concept of bankruptcy, including the difference between Chapter 7 and Chapter 13. They also evaluate financial information to determine financial strategies for managing debt, including whether or not to file for bankruptcy.
STUDENTS WILL:
Compare and contrast debt management plans.
Examine two types of bankruptcy: Chapter 7 and Chapter 13.
Explain why bankruptcy might not be the best choice in a given situation.
Interpret complex data and analyze the services of DMP agencies and whether to file bankruptcy in a given situation.
The Session Teacher Guide will be provided as a PDF and as a Microsoft Word document.
The Session Student Activity will be provided as a fillable PDF and as a Microsoft Word document.
This optional Student Activity will be provided as a fillable PDF.
Version 1
The Session Exit Ticket will be provided as a PDF and as a Google Doc.
Version 2
The Session Exit Ticket will be provided as a PDF and as a Google Doc.
The Session Journal Page will be provided as a PDF and as a Google Doc.
An interactive onscreen presentation for each session will be view-able from the page or can be shared via direct link.
This video addresses the following Financial Literacy standards:
Content Statement 22c: Describe how the Truth in Lending Act (TILA) and Credit Card Accountability, Responsibility and Disclosure (Credit Card) Acts protect consumers.
Content Statement 20b: Explain the implications of declaring bankruptcy.
Content Statement 21d: Discuss factors that will reduce credit scores.
In 2022, the average credit score in the US remained steady at 714. In addition to contacting the three companies that monitor credit scores, did you know that there are free apps, such as Credit Karma, that you can use on your phone or computer to check your credit score?
Do you have a credit score?
What good habits can young adults have to help them have a good credit score?
What bad habits can young adults have that could lead them to bankruptcy?