Bankruptcy Law Quiz
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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 can sue the creditor for non-approval
  • The debtor will be liable for the deficiency
  • The debtor can still 'ride through' the bankruptcy (correct)
  • The debtor will lose the right to keep the asset

    • What did the court find at the reaffirmation hearing for the Nissan car?

  • It would not be in the debtor's best interest to reaffirm (correct)
  • It was beneficial for the debtor to reaffirm the car loan
  • The debtor's expenses were not accurately reported
  • The debtor's income would be positive after the car payment

    • What action did Vantage credit union threaten to take regarding the car?

  • Reduce the monthly payments
  • Extend the loan term
  • Repossess the car (correct)
  • Approve the reaffirmation agreement

    • What is the best way to avoid liability for the deficiency in a bankruptcy case?

    <p>Have the client submit a reaffirmation agreement and if not approved, 'ride through' the bankruptcy</p> Signup and view all the answers

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