15 Questions
What is a Reaffirmation Agreement?
An agreement to reaffirm personal liability on a discharged debt to keep the assets
What is the purpose of a Reaffirmation Agreement?
To avoid liquidation of assets in bankruptcy
When can a Reaffirmation Agreement be approved?
If the judge holds a hearing to approve it
What happens to a discharged secured debt after a bankruptcy discharge?
It can still be collected from any property that secures its payment
When can a reaffirmation agreement be entered into?
During the bankruptcy process
Does a reaffirmation agreement have to be filed with the bankruptcy judge?
Depends on attorney's approval
Can a creditor deal with the debtor directly in negotiating the terms of a reaffirmation agreement?
It is up to the client
What type of debt should be reaffirmed?
Debt secured by a security interest
In the case of Aiello v. Providian, what was the court's ruling regarding damages for emotional injury?
Damages for emotional injury were not awarded
In the case of Aiello v. Providian, was seeking a reaffirmation agreement considered a stay violation?
No
In the case of Bolen v. Bass, why did Best Buy not file the Reaffirmation Agreement with the court?
They believed the debtor would keep making payments regardless
What was the consequence of Best Buy not filing the Reaffirmation Agreement with the court in the case of Bolen v. Bass?
The debtor kept making payments that the creditor was not entitled to collect
What was the exclusive remedy for the alleged violation of the Bankruptcy Code in the case of Bolen v. Bass?
Seeking contempt sanctions for violation of discharge injunction
In which chapter of bankruptcy did the advice to consider if the creditor starts to play hardball and reaffirm unsecured debt come from?
Chapter 13
What type of court should the debtor have filed to in the case of Aiello v. Providian according to the takeaways?
State court
Test your knowledge of §524 Reaffirmation Agreements with this quiz covering key concepts such as when the agreement is made, filing requirements, and approval processes. Challenge yourself with questions related to reasons for reaffirming a debt and the implications for debtors.
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