Question 1

Since retirement accounts are exempt, deductions from paystubs for a pension have no effect on a bankruptcy filing.

Accepted Answer

A) True 
 B)False  False

Question 2

During the consultation, it becomes obvious that the debtor's bankruptcy needs to be filed quickly to avoid a garnishment on Friday of next week. When asked if the debtor has used his credit cards recently, he states that he spent $644 on groceries in the last two weeks. How would this affect the bankruptcy?

Accepted Answer

Under §523, groceries would be considered "goods and services reasonably necessary for the support or maintenance of the debtor, or a dependent of the debtor." Also, the amount spent was beow the $725 threshold.

Question 3

By law, how many times a year are you allowed to obtain your credit report free of charge?

Accepted Answer

A)  every twelve months. 
B)  twice a year. 
C)  depends on the credit service. 
D)  none of the above. 
A)  every twelve months. 
B)  twice a year. 
C)  depends on the credit service. 
D)  none of the above. A

Question 4

Fearful of a stock market crash, Laila withdrew $10,000 from her IRA and placed it in her checking account. After a few months where Laila realized there was no issues with the stock market, she redeposited $5,000 in her IRA account and transferred the remaining $5,000 to her savings account in case of an emergency. What issues, if any, exist if Laila files soon for bankruptcy?

Accepted Answer

The answer of Fearful of a stock market crash, Laila...

Question 5

Charitable donations up to ________ are permitted under §548.

Accepted Answer

A)  ten percent 
B)  fifteen percent 
C)  twenty percent 
D)  five hundred dollars per month if the client is below the state median income, and seven hundred if above. 
A)  ten percent 
B)  fifteen percent 
C)  twenty percent 
D)  five hundred dollars per month if the client is below the state median income, and seven hundred if above.

Question 6

The debtor purchased an $800 television two months before filing bankruptcy. This may violate §__________.

Accepted Answer

A)  521. 
B)  522. 
C)  523. 
D)  524. 
A)  521. 
B)  522. 
C)  523. 
D)  524.

Question 7

The major credit reporting bureaus are:

Accepted Answer

A)  Equifax 
B)  Transunion 
C)  Experian. 
D)  all of the above. 
A)  Equifax 
B)  Transunion 
C)  Experian. 
D)  all of the above.

Question 8

What limits are imposed on cash advances under §523?

Accepted Answer

The answer of What limits are imposed on cash advances...

Question 9

If a laptop is considered a luxury good under §523, what is the maximum value allowable, and within what timeframe?

Accepted Answer

The answer of If a laptop is considered a luxury...

Question 10

Since the client listed a lawsuit in the intake, what issues should you address with the client?

Accepted Answer

The answer of Since the client listed a lawsuit in...

Question 11

The debtor had a cash advance of $1,200 approximately six months ago, and the funds were used to catch up with the rent. This automatically violates §523.

Accepted Answer

A) True 
 B)False

Question 12

To determine when a credit card was opened, the best way to obtain that information is by:

Accepted Answer

A)  asking the client directly. 
B)  the client's credit report. 
C)  calling the creditor. 
D)  none of the above. 
A)  asking the client directly. 
B)  the client's credit report. 
C)  calling the creditor. 
D)  none of the above.

Question 13

If the client has provided credit reports and recent credit card statements, explain why the client should still provide the List of Creditors.

Accepted Answer

The answer of If the client has provided credit reports...

Question 14

Clients should provide the following to obtain creditor information:

Accepted Answer

A)  credit reports. 
B)  List of Creditors 
C)  statements and collection letters. 
D)  all of the above. 
A)  credit reports. 
B)  List of Creditors 
C)  statements and collection letters. 
D)  all of the above.

Since retirement accounts are exempt, deductions from paystubs for a pension have no effect on a bankruptcy filing.

By law, how many times a year are you allowed to obtain your credit report free of charge?

Charitable donations up to ________ are permitted under §548.

The debtor purchased an $800 television two months before filing bankruptcy. This may violate §__________.

The major credit reporting bureaus are:

What limits are imposed on cash advances under §523?

If a laptop is considered a luxury good under §523, what is the maximum value allowable, and within what timeframe?

Since the client listed a lawsuit in the intake, what issues should you address with the client?

The debtor had a cash advance of $1,200 approximately six months ago, and the funds were used to catch up with the rent. This automatically violates §523.

To determine when a credit card was opened, the best way to obtain that information is by:

If the client has provided credit reports and recent credit card statements, explain why the client should still provide the List of Creditors.

Clients should provide the following to obtain creditor information:

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

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

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

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

Filters

Exam 8: Liabilities, and Required Documents

Since retirement accounts are exempt, deductions from paystubs for a pension have no effect on a bankruptcy filing.

By law, how many times a year are you allowed to obtain your credit report free of charge?

Charitable donations up to ________ are permitted under §548.

The debtor purchased an $800 television two months before filing bankruptcy. This may violate §__________.

The major credit reporting bureaus are:

What limits are imposed on cash advances under §523?

If a laptop is considered a luxury good under §523, what is the maximum value allowable, and within what timeframe?

Since the client listed a lawsuit in the intake, what issues should you address with the client?

The debtor had a cash advance of $1,200 approximately six months ago, and the funds were used to catch up with the rent. This automatically violates §523.

To determine when a credit card was opened, the best way to obtain that information is by:

If the client has provided credit reports and recent credit card statements, explain why the client should still provide the List of Creditors.

Clients should provide the following to obtain creditor information:

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

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

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

Filing a Bankruptcy Petition

Post-Petition Filing

The 341 Meeting of Creditors

Filters