Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy. To explain: The discharge of the debts under the bankruptcy code.

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Answer 1

Question

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

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Answer 2

Question

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

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Answer 3

Question

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

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Answer 4

Question

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

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Answer 5

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

Answer 6

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

Answer 7

Chapter 15, Problem 5BCP

Summary Introduction

Case summary: Person JT and person JC got married. They bought a home with a loan which was secured by a mortgage. Later they took out the second mortgage. On their divorce, the decree passed by the court required person JC to pay the first mortgage and person JT and JC to make equal payments on the second mortgage. The decree provides that JC would receive all the proceeds on the sale of the home. JC learned that the company auto now had a lien on a home because JT had not made a payment on his car. JC used all the sale proceeds to pay off the lien and mortgages. JT filed a petition for chapter-13 bankruptcy.

To explain: The discharge of the debts under the bankruptcy code.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 15 - Prob. 1RE Ch. 15 - Prob. 2RE Ch. 15 - Prob. 3RE Ch. 15 - Prob. 4RE Ch. 15 - Prob. 1IS Ch. 15 - Prob. 2IS Ch. 15 - Prob. 1BS Ch. 15 - Prob. 2BS Ch. 15 - Prob. 3BCP Ch. 15 - Prob. 4BCP

Solution Summary: The author explains that bankruptcy is the elimination of different types of debts. The bankruptcy code prevents domestic support obligations and property settlements from being discharged.

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Chapter 15 Solutions