Question 1

Because of automated bankruptcy software, a debtor is no longer required to sign a separate declaration that's filed with the court.

Accepted Answer

A) True 
 B)False  True

Question 2

The debtor's intent form requires that the debtor chooses to:

Accepted Answer

A)  surrender the asset 
B)  retain the asset and reaffirm the debt. 
C)  avoid the lien. 
D)  all of the above. 
A)  surrender the asset 
B)  retain the asset and reaffirm the debt. 
C)  avoid the lien. 
D)  all of the above. D

Question 3

What is negative equity?

Accepted Answer

Negative equity is when the value of the asset is less than the debt amount.

Question 4

Fred is filing for bankruptcy and owes $2,500 on his vehicle. He is considering redeeming it. What does that mean?

Accepted Answer

The answer of Fred is filing for bankruptcy and owes...

Question 5

Give an example of negative equity.

Accepted Answer

The answer of Give an example of negative equity....

Question 6

As the paralegal working for ABC Law Firm, you are required to include Official Form 109- the bankruptcy preparer's notice when filing the petition.

Accepted Answer

A) True 
 B)False

Question 7

As a negotiating tool to reduce her mortgage balance, Mary should choose to avoid the lien in her Chapter 7 petition.

Accepted Answer

A)  True, because the lender will avoid litigation due to the costs involved. 
B)  False, because a mortgage is a voluntary lien that cannot be avoided under §522. 
C)  True, because the mortgage is a valid judicial lien. 
D)  None of the above. 
A)  True, because the lender will avoid litigation due to the costs involved. 
B)  False, because a mortgage is a voluntary lien that cannot be avoided under §522. 
C)  True, because the mortgage is a valid judicial lien. 
D)  None of the above.

Question 8

Kenny's car is worth $11,000, but he owes $13,424 to Car Lenders, Inc. Kenny is keeping the car, but since it has negative equity, there's no need to list the asset nor exempt it on Schedule

Accepted Answer

A) True 
 B)False

Because of automated bankruptcy software, a debtor is no longer required to sign a separate declaration that's filed with the court.

The debtor's intent form requires that the debtor chooses to:

What is negative equity?

Fred is filing for bankruptcy and owes $2,500 on his vehicle. He is considering redeeming it. What does that mean?

Give an example of negative equity.

As the paralegal working for ABC Law Firm, you are required to include Official Form 109- the bankruptcy preparer's notice when filing the petition.

As a negotiating tool to reduce her mortgage balance, Mary should choose to avoid the lien in her Chapter 7 petition.

Kenny's car is worth $11,000, but he owes $13,424 to Car Lenders, Inc. Kenny is keeping the car, but since it has negative equity, there's no need to list the asset nor exempt it on Schedule

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

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 10: Assets and Liabilities

Because of automated bankruptcy software, a debtor is no longer required to sign a separate declaration that's filed with the court.

The debtor's intent form requires that the debtor chooses to:

What is negative equity?

Fred is filing for bankruptcy and owes $2,500 on his vehicle. He is considering redeeming it. What does that mean?

Give an example of negative equity.

As the paralegal working for ABC Law Firm, you are required to include Official Form 109- the bankruptcy preparer's notice when filing the petition.

As a negotiating tool to reduce her mortgage balance, Mary should choose to avoid the lien in her Chapter 7 petition.

Kenny's car is worth $11,000, but he owes $13,424 to Car Lenders, Inc. Kenny is keeping the car, but since it has negative equity, there's no need to list the asset nor exempt it on Schedule

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

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