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Posted on 24-May-2021
Highlight any five steps taken by the Buhari administration in Nigeria to improve the economic and social life of the people between and ANS: i The regime banned the importation of some foreign goods. Drug pushers and illegal oil bunkerers were...
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[DOWNLOAD] Bankruptcy Exam Questions And Answers | HOT!
Posted on 23-Apr-2021
These are not real WAEC History questions but likely repeated questions over the years to help candidate understand the nature of their examinations. Ensure to take note of every questions provided on this page. If you need us to help you with...
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Self-test Questions And Answers
Posted on 4-Mar-2021
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Consumer Credit Counseling Service Of Buffalo, Inc.
Posted on 1-May-2021
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Exam Study Guide
Posted on 27-Apr-2021
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Bankruptcy Law
Posted on 27-Apr-2021
Question Answer : Once a creditor or bill collector becomes aware of a filing for bankruptcy protection, it must immediately stop all collection efforts. After you file the bankruptcy petition, the court mails a notice to all the creditors listed in your bankruptcy schedules. This usually takes a couple of weeks. Creditors will also stop calling if you inform them that you filed the bankruptcy petition, and supply them with your case number. In some cases, you or your attorney should contact the creditor immediately upon filing the bankruptcy petition, especially if a lawsuit is pending.
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Answers To 10 Tough Bankruptcy Questions
Posted on 4-Apr-2021
If a creditor continues to use collection tactics once informed of the bankruptcy they may be liable for court sanctions and attorney fees for this conduct. Answer : Generally, student loans are not discharged in bankruptcy. In 11 U. Whether an exception applies depends on the facts of the particular case and may also depend on local court decisions. Even if a student loan falls into one of the two exceptions, discharge of the loan may not be automatic. You may have to file an adversary proceeding in the bankruptcy court to obtain a court order declaring the debt discharged.
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Build A Custom Email Digest By Following Topics, People, And Firms Published On JD Supra.
Posted on 18-Mar-2021
If you lived in your current state for more than 91 days but less than two years, you will file in your current state but use the exemptions from where you lived for majority of the day period immediately previous to the 2 year period before you filed. Divorce decrees and separation agreements are covered by 11 U. Section a This section states that these debts are not dischargeable unless: the debtor does not have the ability to pay such debt from income or property of the debtor not reasonably necessary to be expended for the maintenance or support of the debtor or a dependent of the debtor and, if the debtor is engaged in a business, for the payment of expenditures necessary for the continuation, preservation, and operation of such business; or discharging such debt would result in a benefit to the debtor that outweighs the detrimental consequences to a spouse, former spouse, or child of the debtor.
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Bankruptcy Basics: Questions And Answers
Posted on 11-May-2021
Answer : Most efforts by a creditor to collect a pre-petition debt one that you owe as of the filing of your case or to repossess your property without the permission of the bankruptcy court are violations of the automatic stay. If a creditor repossesses any property, such as your car, after you file for bankruptcy, the creditor must return the property to you. The court may punish a creditor who knowingly violates the automatic stay and the creditor is liable to the debtor for harm caused. If you did not list a debt on the schedules filed with the court, the creditor may not be on notice of the bankruptcy. Therefore, you should inform the creditor of your bankruptcy and request that the creditor stop the collection efforts.
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5 Important Bankruptcy Questions (and Answers!)
Posted on 15-Mar-2021
If you are represented by an attorney, you should give the creditor your attorney's name and telephone number. If you are not represented by an attorney, you should give the creditor additional information about the case, the date of filing, the court in which the case was filed and the case number. If improper collection action continues, you should consult with an attorney, notify the trustee or seek protection from the court.
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Carolina Academic Press
Posted on 1-Apr-2021
Answer : You should notify your attorney and provide him or her with all the information necessary to complete the schedule the amount of the debt, the type and value of any collateral, and the name and address of the creditor. This is very important, because if you do not list a debt on your schedules, that debt might not be discharged. That means you will be required to pay the debt in full after bankruptcy. If an omitted creditor demands payment of the debt, you should inform the creditor of the bankruptcy, as discussed below. Answer : Yes. You must list all your debts, with the name and address of the creditors.
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When A Judgment Creditor Requests A Deposition, Documents, Or Written Answers
Posted on 26-Apr-2021
This is so creditors receive notice of the bankruptcy and get their fair share of any money paid to creditors. You may think that you should omit a creditor because you want to continue to pay the debt. This would violate the law, and it is unnecessary because you can always choose to pay a debt voluntarily, even though the debt has been discharged and there is no legal obligation to make payment. However, creditors are prohibited from taking any action to collect discharged debts. If you do not comply with this request, the court may dismiss your bankruptcy case. You must also file copies of any federal tax returns filed during the case with the bankruptcy court.
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Questions & Answers: Bankruptcy
Posted on 3-Apr-2021
Any taxing authority may request dismissal of a bankruptcy case if you fail to file all required tax returns. Answer : If you are filing a chapter 13 case, rather than a chapter 7, in addition to the documents mentioned above, you must file a plan that describes how much you will pay your creditors and over what time period. Your plan must provide that you pay creditors at least what they could have received in chapter 7 liquidation case, which basically means creditors must receive payments equal to the value of your non-exempt assets. Your lawyer will prepare your plan.
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Full Display Page
Posted on 15-Apr-2021
In addition, the plan must provide that you contribute all your "disposable income" to the plan. Disposable income is the income above what is necessary for the support of you and your family. However, in many cases the means test formula determines that amount. The means test is a very complicated test, but essentially requires that you average your income over the past six months from any source including regular gifts from family members , then deduct a series of allowed expenses, and see what is left to pay creditors.
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How To Complete The Chapter 7 Bankruptcy Means Test
Posted on 15-Mar-2021
You will need an attorney to complete this analysis. The chapter 13 plan lasts until the earlier of you pay your debts in full or the end of a three- to five-year period. If your income is below your state's median income, the maximum plan period without court approval is three years. Within 30 days of filing your petition, you must begin making payments under your plan. You make the payments to a trustee, who distributes the payments to the creditors. Like in a chapter 7 case, after filing the bankruptcy petition, you must attend a creditors' meeting also known as a meeting, named after the section of the bankruptcy law that requires the meeting.
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IVA And Bankruptcy Questions And Answers
Posted on 2-Mar-2021
The chapter 13 trustee will conduct the meeting and will question you under oath about the paperwork you filed in your case. This creditors' meeting will last longer than a meeting in a chapter 7 case. The trustee will likely question you about your income and your expenses, and may also require additional documentation at the meeting. After the meeting of creditors, you, the chapter 13 trustee, and those creditors who wish to attend will come to court for a hearing on your chapter 13 plan.
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Bankruptcy Law Interview Questions & Answers
Posted on 22-Mar-2021
If there are no problems, the court will approve "confirm" your plan. After completing payments under the plan and completing any financial counseling required, you will receive a discharge of any debts not paid under the plan. Answer : Chapter 7 cases are pretty simple for the most part. In most cases, you will attend one creditors' meeting and just wait for your discharge notice to come in the mail. The bankruptcy Trustee runs the creditors' meeting, which is also called a meeting named after the section of the bankruptcy law that requires the meeting , and will question you under oath about all the information contained in your bankruptcy documents. If you and your spouse file a Joint Petition, you must both attend the creditors' meeting and answer questions.
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Creditors Seeking Judgment: Debtor's Exam | 1medicoguia.com
Posted on 2-Mar-2021
It is important to cooperate with the trustee and to provide any records or documents requested. In a simple case, the meeting will usually last just five minutes or so. While all creditors may attend, very few actually do. Be sure to bring a form of identification to the meeting, as well as proof of your Social Security number usually your Social Security card. The trustee may ask you to provide additional documentation during the meeting and give you a few days to produce it. The discharge notice will arrive in the mail about 60 days after you attend the creditors' meeting. This piece of paper is proof that most of your debts have been discharged. You should keep it in a safe place. Answer : Your lawyer will prepare the forms that you must file in a chapter 7 case. To prepare those forms, your lawyer will need certain information from you. The information you should take with you to your lawyer is listed below. If you fail to file all information noted above within 45 days of filing the petition, the court will dismiss your case.
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TEXAS BOARD Of LAW EXAMINERS
Posted on 20-Apr-2021
Specifically, the law requires you to receive, from an approved agency, a briefing outlining the opportunities for credit counseling and help with a budget analysis. You may do this alone or in a group, and in person, on the phone, or even on the Internet. If, due to an emergency, you are unable to obtain credit counseling services from an approved agency during a 5-day period, the court may excuse the requirement temporarily but you still must fulfill it within 30 days or in some instances 45 days after filing. You can find a list of approved non-profit budget and credit counseling agencies at the office of the United States Trustee or Bankruptcy Administrator, at the bankruptcy court Clerk's office, or online at the links we provide under Resources. Answer : Yes, you can file again, unless you have been in bankruptcy within the past six months and either: your case was dismissed because you did not follow the orders of the bankruptcy court or did not show up in court when you were supposed to; or you asked the court to dismiss your case after a creditor moved for relief from the Automatic Stay.
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Contracts I And II: Past Exams And Answers
Posted on 7-Apr-2021
If you have been in bankruptcy within the past year, you may not get the full protection of the Automatic Stay. Because the automatic stay protects you from your creditors after you file a bankruptcy case, it might not be worth it for you to file for bankruptcy if the automatic stay will not apply. Your lawyer can tell you if it makes sense for you to file for bankruptcy if you have been in bankruptcy within the past year. As explained above, the bankruptcy Discharge gives you your fresh start. But if you have received a bankruptcy discharge in the past, you may not be eligible for another discharge right now. If your last bankruptcy was a chapter 7 and: you filed within the last four years, you will not receive a Chapter 13 discharge or a Chapter 7 discharge if you file today; you filed within the past eight years, you will not receive a Chapter 7 discharge if you file today.
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Bankruptcy Exam Question : LawSchool
Posted on 10-Apr-2021
Some courts also impose an additional administrative fee. You may pay the filing fee in installments. The court may waive the filing fee in a chapter 7 case if your income is below specified levels and the court finds that you cannot pay the filing fee in installments. You should hire an attorney to assist you with filing bankruptcy. Attorneys usually charge a fixed fee for certain services in a bankruptcy case and the fees typically differ depending on the chapter under which you file.
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IVA And Bankruptcy Questions And Answers | Frost Group
Posted on 13-Apr-2021
Your lawyer may request payment up front, especially if you are filing for chapter 7. Do All Debts Get Discharged? First, a bankruptcy case only discharges debts that you owed and listed at the time you filed the case, not those you incurred after filing the case. In addition, even after bankruptcy, you will have to pay debts that are not discharged. Non-dischargeable debts include: debts for income and property taxes debts to creditors you did not list in your bankruptcy paperwork domestic support obligations such as alimony and child support debts fines payable to any governmental unit, such as a city or state restitution imposed on you as part of a criminal sentence student loans Other debts that may not be discharged include debts you may have incurred through fraud or by willful or malicious actions. An example of a debt incurred by fraud is a loan you obtained when you knew you could not repay.
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Exam Archive - Eric E. Johnson
Posted on 19-May-2021
Some credit card use immediately before bankruptcy may be considered fradulent, especially if you use the card to pay for "luxury" goods or services, such as a vacation.
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Bankruptcy Means Test: What It Is And How To Complete It | Credit Karma
Posted on 11-Mar-2021
A claim against specific property to satisfy a debt. Order for relief U. Attachment Writ of attachment Garnishment The right of a person to stand in the place of be substituted for another, giving the substituted party the same legal rights that the original party had. Right of contribution Right of reimbursement Right of subrogation A person who is either appointed by the U. Department of Justice or by creditors in bankruptcy cases. In all bankruptcies under Chapters 7, 12, or 13, a trustee is appointed by the U. Trustee, who is an officer of the Department of Justice. Chapter 11 bankruptcies allow the debtor to continue to manage the property as a "debtor in possession," but this person can be replaced for cause with a bankruptcy trustee. Bankruptcy trustee U. Artisan's lien Garnishment Mechanic's lien The document that is filed with a bankruptcy court to initiate bankruptcy proceedings.
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Introduction - Bankruptcy Law - LibGuides At Georgia State University College Of Law Library
Posted on 8-May-2021
The official forms required for a petition in bankruptcy must be completed accurately, sworn to under oath, and signed by the debtor. Down payment Prepayment penalty Writ of attachment A written instrument that gives a creditor the mortgagee an interest in, or lien on, the debtor's mortgagor's real property as security for a debt.
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Eight Most Common Bankruptcy Questions | Wendel Rosen LLP - JDSupra
Posted on 16-May-2021
If the debt is not paid, the property can be sold by the creditor and the proceeds used to pay the debt. Short sale Mortgage Surety In bankruptcy proceedings, property transfers or payments made by the debtor that favor give preference to one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in preference over another. Co-surety Default Preference A formal contract between a debtor and his or her creditors in which the parties agree to negotiate a payment plan for the amount due on the loan instead of proceeding to foreclosure. Surety Workout Mortgage A provision in a mortgage loan contract that requires the borrower to pay a penalty if the mortgage is repaid in full within a certain period. Preferred creditor Prepayment penalty Preference A person who agrees to satisfy the debt of another the debtor only after the principal debtor defaults.
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Answers To 10 Tough Bankruptcy Questions
Posted on 28-May-2021
A guarantor's liability is thus secondary. Surety Guarantor Liquidation A sale of real property for an amount that is less than the balance owed on the mortgage loan, usually due to financial hardship. Both the lender and the borrower must consent to a short sale. Following a short sale, the borrower still owes the balance of the mortgage debt after the sale proceeds are applied to the lender unless the lender agrees to forgive the remaining debt.
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