Question 1

Future payments for Form 122A-2 are maxed out at

Accepted Answer

A)  36 months. 
B)  60 months. 
C)  Time left on the mortgage. 
D)  None of the above. 
A)  36 months. 
B)  60 months. 
C)  Time left on the mortgage. 
D)  None of the above. B

Question 2

If the client did not pass the Means Test, and you proceed with completing Form 122A-2, taxes and insurance are included in the mortgage calculations.

Accepted Answer

A) True 
 B)False  True

Question 3

When and why does Form 122A-2 have to be completed?

Accepted Answer

Form 122A-2 will be completed if the debtor did not pass the Means Test because the debtor's income exceeded the state median income.

Question 4

If the client failed the Means Test initially, are escrowed mortgage payments listed together or separate?

Accepted Answer

A)  Together. 
B)  Separate. 
C)  It doesn't matter as it will not affect the outcome. 
D)  Mortgages aren't considered for purposes of the Means Test. 
A)  Together. 
B)  Separate. 
C)  It doesn't matter as it will not affect the outcome. 
D)  Mortgages aren't considered for purposes of the Means Test.

Question 5

Once a debtor passes the Means Test, Schedule I calculations are irrelevant.

Accepted Answer

A) True 
 B)False

Question 6

Can a debtor claim IRS allowable expenses even if those expenses exceed the debtor's actual expense?

Accepted Answer

A) True 
 B)False

Question 7

If the debtor's income is below the state median, the debtor has passed the Means Test, and completing Form 122A-2 isn't required.

Accepted Answer

A) True 
 B)False

Future payments for Form 122A-2 are maxed out at

If the client did not pass the Means Test, and you proceed with completing Form 122A-2, taxes and insurance are included in the mortgage calculations.

When and why does Form 122A-2 have to be completed?

If the client failed the Means Test initially, are escrowed mortgage payments listed together or separate?

Once a debtor passes the Means Test, Schedule I calculations are irrelevant.

Can a debtor claim IRS allowable expenses even if those expenses exceed the debtor's actual expense?

If the debtor's income is below the state median, the debtor has passed the Means Test, and completing Form 122A-2 isn't required.

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

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

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

Filters

Exam 18: Means Testing Official Form 122A-2

Future payments for Form 122A-2 are maxed out at

If the client did not pass the Means Test, and you proceed with completing Form 122A-2, taxes and insurance are included in the mortgage calculations.

When and why does Form 122A-2 have to be completed?

If the client failed the Means Test initially, are escrowed mortgage payments listed together or separate?

Once a debtor passes the Means Test, Schedule I calculations are irrelevant.

Can a debtor claim IRS allowable expenses even if those expenses exceed the debtor's actual expense?

If the debtor's income is below the state median, the debtor has passed the Means Test, and completing Form 122A-2 isn't required.

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

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

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

Filters