Question 1

Define avoidance powers.

Accepted Answer

Avoidance powers are

Question 2

A deficiency judgment is:

Accepted Answer

A)  a judgment obtained because the respondent/defendant failed to reply to the complaint. 
B)  a judgment that is deficient because the creditor failed to follow the proper rules of procedure. 
C)  a judgment that is deficient because the debtor has no assets of value, and therefore, the creditor will not be able to collect on the judgment. 
D)  the balance on a debt after a creditor has taken back property. 
A)  a judgment obtained because the respondent/defendant failed to reply to the complaint. 
B)  a judgment that is deficient because the creditor failed to follow the proper rules of procedure. 
C)  a judgment that is deficient because the debtor has no assets of value, and therefore, the creditor will not be able to collect on the judgment. 
D)  the balance on a debt after a creditor has taken back property.

Question 3

In order to save money, Benny moved into his parent's home and purchased a 5,500 square foot lot in Orlando, Florida to build on it when he saves enough money. However, since Benny owes approximately $22,000 in credit card debt, he's considering filing for bankruptcy. What are the issues?

Accepted Answer

The answer of In order to save money, Benny moved...

Question 4

You can lien strip a junior mortgage.

Accepted Answer

A)  Always because it helps the debtor get a "fresh start." 
B)  Only in Chapter 7 bankruptcies. 
C)  Sometimes in Chapter 13 bankruptcies. 
D)  For both Chapter 7 and 13, but only if the debtor passes the Means Test. 
A)  Always because it helps the debtor get a "fresh start." 
B)  Only in Chapter 7 bankruptcies. 
C)  Sometimes in Chapter 13 bankruptcies. 
D)  For both Chapter 7 and 13, but only if the debtor passes the Means Test.

Define avoidance powers.

A deficiency judgment is:

In order to save money, Benny moved into his parent's home and purchased a 5,500 square foot lot in Orlando, Florida to build on it when he saves enough money. However, since Benny owes approximately $22,000 in credit card debt, he's considering filing for bankruptcy. What are the issues?

You can lien strip a junior mortgage.

The History of Bankruptcy Law

Overview of the Bankruptcy Code

Summary of Chapter 7 Versus Chapter 13

The Court System and the Bankruptcy Rules and Procedure

The Bankruptcy Intake

Bankruptcy Intake: Employment, Income, and Expenses

Liabilities, and Required Documents

The Bankruptcy Petition

Assets and Liabilities

Schedules AB: Personal Property and C: Exemptions

Schedules of Secured and Unsecured Creditors

Schedule I: Income

Schedule J: Expenses

Statement of Financial Affairs

Understanding Legal Options and Judgments in Debt Cases

Statement of Current Monthly Income

Means Testing Official Form 122A-2

Bankruptcy and Debt: Understanding Hardship Discharge, Lien Stripping, and Cramdowns

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

Filters

Exam 6: Bankruptcy Intake Continued

Define avoidance powers.

A deficiency judgment is:

In order to save money, Benny moved into his parent's home and purchased a 5,500 square foot lot in Orlando, Florida to build on it when he saves enough money. However, since Benny owes approximately $22,000 in credit card debt, he's considering filing for bankruptcy. What are the issues?

You can lien strip a junior mortgage.

The History of Bankruptcy Law

Overview of the Bankruptcy Code

Summary of Chapter 7 Versus Chapter 13

The Court System and the Bankruptcy Rules and Procedure

The Bankruptcy Intake

Bankruptcy Intake: Employment, Income, and Expenses

Liabilities, and Required Documents

The Bankruptcy Petition

Assets and Liabilities

Schedules AB: Personal Property and C: Exemptions

Schedules of Secured and Unsecured Creditors

Schedule I: Income

Schedule J: Expenses

Statement of Financial Affairs

Understanding Legal Options and Judgments in Debt Cases

Statement of Current Monthly Income

Means Testing Official Form 122A-2

Bankruptcy and Debt: Understanding Hardship Discharge, Lien Stripping, and Cramdowns

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

Filters