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How much do you know about Bankruptcy? Take the test!

For over 30 years Robert Goering has been teaching the Bankruptcy Law Class at Chase College of Law. This is part of the 2016 exam that was recently administered covering Bankruptcy Law. Test your knowledge...

a. You can file Chapter 7 every ______ years.

b. A Chapter 7 Trustee finds assets to administrate in almost every Chapter 7 bankruptcy case?

True__________________ False_________________

c. Jane Doe owes $ $5,000 in in Sales Taxes that are 10 years old. The returns were all filed, timely and assessment was made well over 240 days ago. In Chapter 13, Jane could possibly discharge a portion of the tax if it's unsecured?

True__________________ False_________________

d. A homeowner facing foreclosure has the following facts:

House value $ 100,000

1st Mortgage $ 105,000

2nd Mortgage $ 25,000

CJ Lien $ 20,000

In a Chapter 13, paying 1% to unsecured creditors, what amount would they pay to get rid of the 2nd mortage and the Certificate of Judgment Lien?________

e. What is the maximum payment period for a Chapter 13 reorganization to run? ______months

f. Facts: House value $ 100,000

1st Mortgage $ 105,000

2nd Mortgage $ 55,000

3rd Mortgage $ 10,000

Certificate Judgement Lien $ 35,000

A. Briefly- What are the options for this client in Chapter 7?

B. In chapter 13, Above Median Income, Schedule I & J nets $ 1,000 per month. What percentage plan will this be?

Filing Bankruptcy can help consumers deal with difficult financial circumstances. If you have any questions or would like to explore your options and consumer rights, please call us at GOERING & GOERING (513)621-0912 .

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