Question 1

So long as a foreclosure or repossession is listed as an unsecured creditor, it's not included in SOFA.

Accepted Answer

A) True 
 B)False  False

Question 2

Which of the following are included in the Statement of Financial Affairs:

Accepted Answer

A)  Prior addresses of the debtor. 
B)  Income earned for the year. 
C)  Income earned for the last two years. 
D)  Attorney's fees paid. 
E)  All of the above. 
A)  Prior addresses of the debtor. 
B)  Income earned for the year. 
C)  Income earned for the last two years. 
D)  Attorney's fees paid. 
E)  All of the above. E

Question 3

Attorney's fees are confidential and not listed in the petition.

Accepted Answer

A) True 
 B)False  False

Question 4

Since qualifying for bankruptcy is based in part on income earned, non-taxable income such as child support is not included in SOFA.

Accepted Answer

A) True 
 B)False

Question 5

Describe an exemption for tools of the trade. If a tools of the trade exemption exists in your state, what is the exemption amount?

Accepted Answer

The answer of Describe an exemption for tools of the...

Question 6

If a bank account is closed two months before filing bankruptcy and the balance in the account at the time was less than $100, that information is not required to be listed in SOFA so long as bank statements are provided to the bankruptcy trustee.

Accepted Answer

A) True 
 B)False

Question 7

If the client is being sued by a creditor, that information is listed in SOFA and the creditor should also be listed in Schedule F

Accepted Answer

A) True 
 B)False

Question 8

Freddie recently fixed his roof because of water damage caused by a hurricane. If the funds were received from his home insurance company, that information is listed in the Statement of Financial Affairs.

Accepted Answer

A) True 
 B)False

Question 9

Which type of lawsuit is listed in SOFA?

Accepted Answer

A)  Pending divorce cases. 
B)  Personal injury cases 
C)  Credit card lawsuits. 
D)  All of the above. 
E)  None of the above. 
A)  Pending divorce cases. 
B)  Personal injury cases 
C)  Credit card lawsuits. 
D)  All of the above. 
E)  None of the above.

Question 10

YTD income is required in the Statement of Financial Affairs.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following are included in the Statement of Financial Affairs:

Accepted Answer

A)  Payments made to creditors exceeding $600 in the last ninety days. 
B)  Payments made to insiders. 
C)  Transfers of assets. 
D)  All of the above. 
A)  Payments made to creditors exceeding $600 in the last ninety days. 
B)  Payments made to insiders. 
C)  Transfers of assets. 
D)  All of the above.

Question 12

How many years of income are listed in the Statement of Financial Affairs?

Accepted Answer

The answer of How many years of income are listed...

Question 13

SOFA requires that a debtor lists former residences dating back _______

Accepted Answer

A)  1 year. 
B)  2 years. 
C)  3 years. 
D)  4 years. 
A)  1 year. 
B)  2 years. 
C)  3 years. 
D)  4 years.

Question 14

The dates credit counseling and financial management were completed are listed in Section 5 of SOFA.

Accepted Answer

A) True 
 B)False

Question 15

Only lawsuits filed by the debtor against a third party is listed in SOFA.

Accepted Answer

A) True 
 B)False

So long as a foreclosure or repossession is listed as an unsecured creditor, it's not included in SOFA.

Which of the following are included in the Statement of Financial Affairs:

Attorney's fees are confidential and not listed in the petition.

Since qualifying for bankruptcy is based in part on income earned, non-taxable income such as child support is not included in SOFA.

Describe an exemption for tools of the trade. If a tools of the trade exemption exists in your state, what is the exemption amount?

If a bank account is closed two months before filing bankruptcy and the balance in the account at the time was less than $100, that information is not required to be listed in SOFA so long as bank statements are provided to the bankruptcy trustee.

If the client is being sued by a creditor, that information is listed in SOFA and the creditor should also be listed in Schedule F

Freddie recently fixed his roof because of water damage caused by a hurricane. If the funds were received from his home insurance company, that information is listed in the Statement of Financial Affairs.

Which type of lawsuit is listed in SOFA?

YTD income is required in the Statement of Financial Affairs.

Which of the following are included in the Statement of Financial Affairs:

How many years of income are listed in the Statement of Financial Affairs?

SOFA requires that a debtor lists former residences dating back _______

The dates credit counseling and financial management were completed are listed in Section 5 of SOFA.

Only lawsuits filed by the debtor against a third party is listed in SOFA.

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

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 15: Statement of Financial Affairs

So long as a foreclosure or repossession is listed as an unsecured creditor, it's not included in SOFA.

Which of the following are included in the Statement of Financial Affairs:

Attorney's fees are confidential and not listed in the petition.

Since qualifying for bankruptcy is based in part on income earned, non-taxable income such as child support is not included in SOFA.

Describe an exemption for tools of the trade. If a tools of the trade exemption exists in your state, what is the exemption amount?

If a bank account is closed two months before filing bankruptcy and the balance in the account at the time was less than $100, that information is not required to be listed in SOFA so long as bank statements are provided to the bankruptcy trustee.

If the client is being sued by a creditor, that information is listed in SOFA and the creditor should also be listed in Schedule F

Freddie recently fixed his roof because of water damage caused by a hurricane. If the funds were received from his home insurance company, that information is listed in the Statement of Financial Affairs.

Which type of lawsuit is listed in SOFA?

YTD income is required in the Statement of Financial Affairs.

Which of the following are included in the Statement of Financial Affairs:

How many years of income are listed in the Statement of Financial Affairs?

SOFA requires that a debtor lists former residences dating back _______

The dates credit counseling and financial management were completed are listed in Section 5 of SOFA.

Only lawsuits filed by the debtor against a third party is listed in SOFA.

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

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