Question 1

If there is no intent to discharge student loans, then the debt doesn't have to be listed in the schedules.

Accepted Answer

All debts, including student loans, must be listed in the bankruptcy schedules, regardless of the debtor's intention to discharge them.

Question 2

Even though the debtor's IRS debt is non-dischargeable, it should still be listed in Schedule E

Accepted Answer

All debts, including those that are non-dischargeable like IRS debt, must be listed in bankruptcy filings, including Schedule E for priority unsecured debts.

Question 3

If a collection agency sues the debtor, the lawsuit's information is listed in the Statement of Financial Affairs, and the debt is listed in Schedule F

Accepted Answer

In bankruptcy filings, the Statement of Financial Affairs is used to list detailed information about the debtor's financial history, including lawsuits, while Schedule F is specifically for listing unsecured nonpriority claims, which would include debts being pursued by collection agencies.

Question 4

Which of the following individuals are responsible for debts that are discharged by a debtor in bankruptcy:

Accepted Answer

Co-borrowers and co-signers are responsible for debts even if the primary debtor's obligations are discharged in bankruptcy. Authorized users, however, are not typically held responsible for the debt.

Question 5

Because the debtor's child support is withdrawn from his paystub, the expense is listed in ___________.

Accepted Answer

Schedule I is used in bankruptcy filings to list the debtor's income, including deductions such as child support payments.

Question 6

Because the debtor started working recently at a new company, he still doesn't have pension benefits. Therefore, with each paycheck, the debtor mails a check to the fund. This deduction is listed in _______.

Accepted Answer

The answer of Because the debtor started working recently at...

Question 7

Bankruptcy trustees on occasion randomly audit cases.

Accepted Answer

The answer of Bankruptcy trustees on occasion randomly audit cases....

Question 8

Due to a divorce, the client can no longer afford to keep the house. Since the client is surrendering the house, the client should list the spouse as a co-debtor.

Accepted Answer

If the client is surrendering the house due to a divorce, the spouse should be listed as a co-debtor because they are jointly responsible for the mortgage debt.

Question 9

A credit card is listed in Schedule ___ of the bankruptcy petition.

Accepted Answer

Credit cards are considered unsecured nonpriority claims and are listed in Schedule F of the bankruptcy petition. Schedule F is used for listing all unsecured nonpriority claims against the debtor, which typically includes credit card debt, medical bills, and personal loans.

Question 10

What is listed on Schedule G? Give two examples.

Accepted Answer

The answer of What is listed on Schedule G? Give...

Question 11

A husband and wife have just been served with a lawsuit. The creditor is a collection agency for student loans. The parents had co-signed on a loan for their daughter, and she was always making timely payments, but once she got married, she left the country to live with her husband and stopped making payments. Does the husband and wife still have to pay the debt?

Accepted Answer

The answer of A husband and wife have just been...

Question 12

In reviewing the Bankruptcy Intake, your client lists debts with a hospital, but has no further information provided. The debt is not listed in the client's credit report either, and when you call the client for statements and/or collection letters, the client states he has none. What can be done to obtain this information?

Accepted Answer

The answer of In reviewing the Bankruptcy Intake, your client...

Question 13

"Judgment Pursuers, Inc." has a judgment in their favor in excess of $35,000. The creditor's attorney was able to freeze the client's savings account that had an approximate balance of $1,200. Where is this information listed in the petition?

Accepted Answer

The answer of "Judgment Pursuers, Inc." has a judgment in...

Quiz 12: Schedules of Secured and Unsecured Creditors