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Bankruptcy Law Quiz
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Bankruptcy Law Quiz

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@BelovedMagic

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Questions and Answers

What happens if the court refuses to approve a reaffirmation agreement under § 521 and 362(h)?

  • The debtor must immediately surrender the asset to the creditor.
  • The debtor can sue the creditor for deficiency after bankruptcy.
  • The debtor is still liable for deficiency regardless of court approval.
  • The debtor can 'ride through' the bankruptcy without liability for deficiency. (correct)

    • In the case of In re Moustafi, why did the court find it would not be in the debtor’s best interest to reaffirm the car loan?

  • The debtor's income would not cover the car payments.
  • The creditor did not agree to the reaffirmation agreement.
  • The car was not in a good condition for reaffirmation.
  • Reaffirming the loan would result in a negative income for the debtor. (correct)

    • What action did Vantage credit union threaten to take if the reaffirmation agreement was not approved?

  • Repossess the car. (correct)
  • File a lawsuit against the debtor.
  • Offer a loan modification for the debtor.
  • Lower the interest rate on the car loan.

    • When did the courts rule that the 'ride through' option was no longer available?

    <p>After 2005.</p> Signup and view all the answers

    What happens if the debtor has timely complied with all requirements under § 521 and 362(h)?

    <p>The debtor can 'ride through' the bankruptcy despite court's refusal to approve the reaffirmation agreement.</p> Signup and view all the answers

    What did the court find regarding the debtor's best interest in the case of In re Moustafi?

    <p>Reaffirming the car loan would result in a negative income after deducting monthly expenses.</p> Signup and view all the answers

    What is the best way to avoid liability for deficiency when the court doesn’t approve the reaffirmation agreement?

    <p>Have the client submit the reaffirmation agreement and proceed with 'ride through' if it's not approved.</p> Signup and view all the answers

    What did Vantage credit union threaten to do when the reaffirmation agreement was not approved?

    <p>Repossess the car.</p> Signup and view all the answers

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