Bankruptcy Law Quiz

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)

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)

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.

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

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

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

<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

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