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'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?

  • 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?

  • 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?

    <p>If the debtor has timely complied with all requirements under § 521 and 362(h).</p> Signup and view all the answers

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