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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's bankruptcy case will be dismissed.
- The debtor must immediately surrender the collateral to the creditor.
- The debtor can be sued for deficiency by the creditor.
- The debtor can 'ride through' the bankruptcy without liability for the deficiency. (correct)
What did the court find during the reaffirmation hearing for the Nissan car?
What did the court find during the reaffirmation hearing for the Nissan car?
- The debtor's income would be a negative $179.1 after deducting the car payment and other expenses. (correct)
- The debtor's income would be sufficient to afford the car payments.
- The debtor's income was not accurately reported.
- The debtor's expenses were unreasonably high.
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?
- Refinance the car loan.
- Extend the loan term.
- Repossess the car. (correct)
- Lower the interest rate on the car loan.
Under what conditions can a debtor 'ride through' the bankruptcy despite the court's refusal to approve the reaffirmation agreement?
Under what conditions can a debtor 'ride through' the bankruptcy despite the court's refusal to approve the reaffirmation agreement?
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