Which of the following is true about exemptions for an individual in a Chapter 7 bankruptcy?
A) The federal statutory exemptions apply in all cases.
B) Exemptions are always determined by state law.
C) The federal law allows states to set their own exemptions,which can be either mandatory or optional,in place of the federal exemptions.
D) The state exemptions,where present,generally allow the debtor to keep fewer assets than under federal law.
Correct Answer:
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