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Questions and Answers
What can a debtor do if the court refuses to approve a reaffirmation agreement?
What can a debtor do if the court refuses to approve a reaffirmation agreement?
- The debtor has no options and will be liable for the deficiency.
- The debtor can sue the court for deficiency regardless of the reaffirmation agreement status.
- The debtor can request a new reaffirmation agreement with different terms.
- The debtor can 'ride through' the bankruptcy if all requirements under § 521 and 362(h) are timely complied with. (correct)
What was the reason for the court's refusal to approve the reaffirmation agreement in the case of In re Moustafi?
What was the reason for the court's refusal to approve the reaffirmation agreement in the case of In re Moustafi?
- The debtor failed to submit the reaffirmation agreement in a timely manner.
- The debtor's income would be a negative amount after deducting the car payment and other monthly expenses. (correct)
- The court found the car to be overvalued and not worth reaffirming.
- The debtor did not have a valid security interest in the Nissan.
What action did Vantage credit union intend to take if the reaffirmation agreement was not approved?
What action did Vantage credit union intend to take if the reaffirmation agreement was not approved?
- Forgive the remaining car loan amount.
- Repossess the car. (correct)
- Extend the loan term for the car.
- Lower the interest rate on the car loan.
What did the courts say about the availability of 'ride through' after 2005?
What did the courts say about the availability of 'ride through' after 2005?
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