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Questions and Answers
What happens if the court refuses to approve a reaffirmation agreement under § 521 and 362(h)?
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?
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?
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?
What is the best way to avoid liability for the deficiency in a bankruptcy case?
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