Reaffirmation Agreements Quiz
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Questions and Answers

What is a Reaffirmation Agreement?

  • An agreement to convert a Chapter 13 bankruptcy to Chapter 7
  • An agreement made during a case to repay a discharged debt voluntarily
  • An agreement to discharge a debt and relinquish all assets
  • An agreement to reaffirm personal liability on a discharged debt to keep the assets (correct)

    • What is the purpose of a Reaffirmation Agreement?

  • To discharge all debts and start fresh
  • To convert a Chapter 7 bankruptcy to Chapter 13
  • To avoid liquidation of assets in bankruptcy (correct)
  • To eliminate personal liability on discharged debts

    • When can a Reaffirmation Agreement be approved?

  • If the attorney disapproves it
  • If the judge holds a hearing to approve it (correct)
  • Only if the debtor has no other debts
  • Automatically upon filing for bankruptcy

    • What happens to a discharged secured debt after a bankruptcy discharge?

    <p>It can still be collected from any property that secures its payment</p> Signup and view all the answers

    When can a reaffirmation agreement be entered into?

    <p>During the bankruptcy process</p> Signup and view all the answers

    Does a reaffirmation agreement have to be filed with the bankruptcy judge?

    <p>Depends on attorney's approval</p> Signup and view all the answers

    Can a creditor deal with the debtor directly in negotiating the terms of a reaffirmation agreement?

    <p>It is up to the client</p> Signup and view all the answers

    What type of debt should be reaffirmed?

    <p>Debt secured by a security interest</p> Signup and view all the answers

    In the case of Aiello v. Providian, what was the court's ruling regarding damages for emotional injury?

    <p>Damages for emotional injury were not awarded</p> Signup and view all the answers

    In the case of Aiello v. Providian, was seeking a reaffirmation agreement considered a stay violation?

    <p>No</p> Signup and view all the answers

    In the case of Bolen v. Bass, why did Best Buy not file the Reaffirmation Agreement with the court?

    <p>They believed the debtor would keep making payments regardless</p> Signup and view all the answers

    What was the consequence of Best Buy not filing the Reaffirmation Agreement with the court in the case of Bolen v. Bass?

    <p>The debtor kept making payments that the creditor was not entitled to collect</p> Signup and view all the answers

    What was the exclusive remedy for the alleged violation of the Bankruptcy Code in the case of Bolen v. Bass?

    <p>Seeking contempt sanctions for violation of discharge injunction</p> Signup and view all the answers

    In which chapter of bankruptcy did the advice to consider if the creditor starts to play hardball and reaffirm unsecured debt come from?

    <p>Chapter 13</p> Signup and view all the answers

    What type of court should the debtor have filed to in the case of Aiello v. Providian according to the takeaways?

    <p>State court</p> Signup and view all the answers

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