The Bankruptcy Code allows debtors to maintain a minimum standard of living by exempting certain necessary items of property,including for example,professional tools,and medical supplies.

Question

Quizplus · Accepted Answer

The Bankruptcy Code does indeed allow debtors to maintain a minimum standard of living by exempting certain necessary items of property, such as professional tools and medical supplies. These exemptions vary by state and type of bankruptcy, but they are intended to ensure that individuals are not left completely destitute as a result of the bankruptcy process.

The Bankruptcy Code Allows Debtors to Maintain a Minimum Standard