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Reaffirmation Agreements

Reaffirmation Agreements Quiz

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Questions

Question 1 Multiple Choice (Single Answer)

What is a reaffirmation agreement?

  1. An agreement between a debtor and a creditor to reaffirm a debt that was discharged in bankruptcy.
  2. An agreement between a debtor and a creditor to modify the terms of a debt that was discharged in bankruptcy.
  3. An agreement between a debtor and a creditor to pay off a debt that was discharged in bankruptcy.
  4. An agreement between a debtor and a creditor to extend the time period for repayment of a debt that was discharged in bankruptcy.
Question 2 Multiple Choice (Single Answer)

What are the benefits of reaffirming a debt?

  1. It can help the debtor to rebuild their credit.
  2. It can allow the debtor to keep their property.
  3. It can help the debtor to get a loan in the future.
  4. All of the above.
Question 3 Multiple Choice (Single Answer)

What are the risks of reaffirming a debt?

  1. The debtor may have to pay more than they would have if they had not reaffirmed the debt.
  2. The debtor may not be able to get a discharge of the debt in the future.
  3. The debtor may be harassed by the creditor.
  4. All of the above.
Question 4 Multiple Choice (Single Answer)

What are the requirements for a valid reaffirmation agreement?

  1. The agreement must be in writing.
  2. The agreement must be signed by the debtor and the creditor.
  3. The agreement must be filed with the bankruptcy court.
  4. All of the above.
Question 5 Multiple Choice (Single Answer)

When can a reaffirmation agreement be rescinded?

  1. Within 7 days of the date the agreement was signed.
  2. Within 60 days of the date the agreement was filed with the bankruptcy court.
  3. Within 1 year of the date the agreement was signed.
  4. Never.
Question 6 Multiple Choice (Single Answer)

What is the effect of rescinding a reaffirmation agreement?

  1. The debt is discharged.
  2. The debtor is released from all liability for the debt.
  3. The creditor is barred from collecting the debt.
  4. All of the above.
Question 7 Multiple Choice (Single Answer)

What are some of the factors that a bankruptcy court will consider when deciding whether to approve a reaffirmation agreement?

  1. The debtor's ability to pay the debt.
  2. The creditor's need for the reaffirmation.
  3. The impact of the reaffirmation on the debtor's other creditors.
  4. All of the above.
Question 8 Multiple Choice (Single Answer)

What are some of the alternatives to reaffirmation agreements?

  1. Redemption.
  2. Assumption.
  3. Surrender.
  4. All of the above.
Question 9 Multiple Choice (Single Answer)

What is redemption?

  1. The debtor pays the creditor the value of the collateral.
  2. The debtor assumes the debt and agrees to pay it off.
  3. The debtor surrenders the collateral to the creditor.
  4. None of the above.
Question 10 Multiple Choice (Single Answer)

What is assumption?

  1. The debtor pays the creditor the value of the collateral.
  2. The debtor assumes the debt and agrees to pay it off.
  3. The debtor surrenders the collateral to the creditor.
  4. None of the above.
Question 11 Multiple Choice (Single Answer)

What is surrender?

  1. The debtor pays the creditor the value of the collateral.
  2. The debtor assumes the debt and agrees to pay it off.
  3. The debtor surrenders the collateral to the creditor.
  4. None of the above.
Question 12 Multiple Choice (Single Answer)

Which of the following is not a benefit of reaffirming a debt?

  1. It can help the debtor to rebuild their credit.
  2. It can allow the debtor to keep their property.
  3. It can help the debtor to get a loan in the future.
  4. It can reduce the amount of debt that the debtor owes.
Question 13 Multiple Choice (Single Answer)

Which of the following is not a risk of reaffirming a debt?

  1. The debtor may have to pay more than they would have if they had not reaffirmed the debt.
  2. The debtor may not be able to get a discharge of the debt in the future.
  3. The debtor may be harassed by the creditor.
  4. It can help the debtor to rebuild their credit.
Question 14 Multiple Choice (Single Answer)

Which of the following is not a requirement for a valid reaffirmation agreement?

  1. The agreement must be in writing.
  2. The agreement must be signed by the debtor and the creditor.
  3. The agreement must be filed with the bankruptcy court.
  4. The agreement must be approved by the bankruptcy court.
Question 15 Multiple Choice (Single Answer)

Which of the following is not a factor that a bankruptcy court will consider when deciding whether to approve a reaffirmation agreement?

  1. The debtor's ability to pay the debt.
  2. The creditor's need for the reaffirmation.
  3. The impact of the reaffirmation on the debtor's other creditors.
  4. The debtor's age.
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