Exam 6: Bankruptcy Intake Continued

Jackie has a car loan in her name because she has better credit than her boyfriend, Raul, who is making the payments and drives it. The car's equity exceeds the exemption limits, but since it's really Raul's car, there's no need for Jackie to list it in the petition.

The lease expires on the debtor's vehicle in six months. The debtor wants to keep the vehicle. How will the exemptions of your state affect the debtor's case?

The debtor plans to relocate to another state but first wants to file for bankruptcy to get a fresh start. However, since there is equity in the property, the debtor is prohibited from surrendering the property.

Escrow means that the taxes and insurances are paid separately by the homeowner.

How is personal property such as furniture valued?

Your office represented Anny four years ago in a Chapter 13 bankruptcy. Since she's in the process of selling her home, the realtor told her she had a lien in the amount of $4,500 that has accumulated interest at ten percent. If the lien was placed prior to the bankruptcy process, what steps can Anny take to remove the lien?

Explain what a deficiency judgment is.

A deficiency judgment is listed in ___________

What is escrow?

Marty is filing for bankruptcy at the end of the week. He's currently leasing his car, but he's decided to purchase the vehicle when the lease expires in two months. The car is _________.

A homeowner's association cannot initiate foreclosure proceedings, only a mortgage lender.

Bankruptcy protects all forms of real estate the debtor resides in.

Since the debtor is two months behind on car payments, if the debtor wants to keep the car, the debtor should file __________.

The following can be escrowed:

Kerry, a widow, is considering filing for bankruptcy but is concerned she may lose her cemetery lot. However, online, she read that the trustee won't be interested in the cemetery lot because it's next to her husband.

In a divorce settlement, your client is in possession of the car, but the debt is not titled in the client's name. How is that information listed on the petition?

In order to reduce the balance on the first mortgage on homestead property, the debtor should _________.

Homestead equity limits are the same in each state.

How does an escrow affect calculations for a mortgage?

The client was recently divorced. Per the divorce settlement, the ex-spouse shall keep possession of the car and make payments.