Lisa also has a student loan in the amount of $35,800.00 which is in forbearance.
They owe the IRS for 2022 and 2021.


11. On which schedules must the IRS debt be listed?
12. On which schedules must the student loan be listed?

The Browns purchased their home in Royal Palm Beach (within the city limits) in December 2008 for $600,000.00 dollars. The home is now worth $480,000.00. The Brown's obtained two mortgages to purchase the home. They have a first mortgage with Wells Fargo (account number ending 9120) in the amount of $500,000.00 and a home equity line of credit, with PNC Bank (account number ending 6555) in the amount of $83,560.00. The $500,000.00 mortgage with Wells Fargo has a fixed interest rate of 4.75% to be paid over 30 years. The monthly payment to Wells Fargo on the 1st mortgage is $3,608.24 ($2608.24 for principal and interest and escrow of $1,000 for taxes and insurance). The monthly payment on the PNC line of credit is $450.00 (interest only). Lisa is the only signer on both Notes. Lisa has tried unsuccessfully to modify the loan. If they file for bankruptcy relief


15. On which schedule must the mortgage payment be included?
16. On which statement must the treatment of the mortgage debt be included if they file for chapter 7 relief?

 

Lisa has had a drinking and gambling problem for years. In October 2021 she was involved in a fender bender with a 2010 Acura. The 2010 Acura was totaled. The driver of the Acura was not the owner and stated at the scene of the incident and on the police report that she did not have any injuries. Neither the driver nor the owner of the Acura filed a lawsuit against Lisa. Lisa did not have auto insurance at the time of the accident. However, the owner filed an insurance claim with their insurance company, Geico. Geico paid for the repairs. In May 2022 Geico filed a lawsuit against Lisa.

52. Must Lisa list the lawsuit on the bankruptcy schedules?
53. If Lisa does not file for bankruptcy relief, what action can Geico take against Lisa?