Exam 19: Bankruptcy and Debt: Understanding Hardship Discharge, Lien Stripping, and Cramdowns

Bob owns a business and lately, business has been slow. However, when business was doing well, he paid off two of his cars and his motorcycle. Bob is considering filing for bankruptcy.

(Multiple Choice)

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Question 21

Maria owes $225,000 in a first mortgage and $32,000 in a second mortgage. Her home is valued at $215,000. If she lien stripped, the results would be:

(Multiple Choice)

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Question 22

Due to a decline in housing sales, Ken's home is now valued at $185,000. Due to a workplace accident, Ken had a loss of income and took out a second mortgage on his property to stay afloat financially for a few months. The first mortgage is $200,000, and the second mortgage is $25,000. What can Ken do to reduce the amount of the mortgages owed?

(Multiple Choice)

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Question 23

The confirmation hearing is held ____

(Multiple Choice)

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Question 24

What is the 910-day rule?

(Short Answer)

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Question 25

How much debt is required in order to file for bankruptcy?

(Essay)

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Question 26

What are the debt limits of a Chapter 7?

(Multiple Choice)

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Question 27

A cramdown or lien stripping can be done on which of the following:

(Multiple Choice)

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Question 28

Showing 21 - 28 of 28

Bob owns a business and lately, business has been slow. However, when business was doing well, he paid off two of his cars and his motorcycle. Bob is considering filing for bankruptcy.

Maria owes $225,000 in a first mortgage and $32,000 in a second mortgage. Her home is valued at $215,000. If she lien stripped, the results would be:

The confirmation hearing is held ____

What is the 910-day rule?

How much debt is required in order to file for bankruptcy?

What are the debt limits of a Chapter 7?

A cramdown or lien stripping can be done on which of the following:

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 Continued

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

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

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