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Questions and Answers
What is the best way to avoid liability for deficiency if the court doesn't approve a reaffirmation agreement?
What is the best way to avoid liability for deficiency if the court doesn't approve a reaffirmation agreement?
- Seek alternative financing to cover the deficiency
- Voluntarily surrender the asset to the creditor
- Immediately file a lawsuit against the court's decision
- Have the client submit a reaffirmation agreement and proceed with a ride through if the court doesn't approve it (correct)
When can a debtor 'ride through' the bankruptcy despite the court's refusal to approve the reaffirmation agreement?
When can a debtor 'ride through' the bankruptcy despite the court's refusal to approve the reaffirmation agreement?
- If the debtor has timely complied with all requirements under § 521 and 362(h) (correct)
- If the debtor agrees to surrender the asset to the creditor
- If the debtor has substantial assets to cover the deficiency
- If the debtor has a good credit score
What was the reason for the court's refusal to approve the reaffirmation agreement for the Nissan?
What was the reason for the court's refusal to approve the reaffirmation agreement for the Nissan?
- The creditor did not agree to the terms of the reaffirmation agreement
- The debtor had not made timely payments on the car
- The debtor had other outstanding debts
- The reaffirmation agreement would result in a negative income for the debtor (correct)
What action did Vantage credit union intend to take if the reaffirmation agreement for the Nissan was not approved?
What action did Vantage credit union intend to take if the reaffirmation agreement for the Nissan was not approved?
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