Which statement is true regarding the type of law that is relevant to bankruptcy claims?
A) Only federal statutory law is relevant.
B) Only state statutory law is relevant.
C) While bankruptcy law is state law, federal law applies to bankruptcy cases in the sense that federal laws regarding debtor's property and creditor claims may apply.
D) While bankruptcy law is federal law, state law applies to bankruptcy cases in the sense that state laws regarding debtor's property and creditor claims may apply.
E) Only federal common law is relevant to bankruptcy claims.

Question

Quizplus · Accepted Answer

Bankruptcy law is primarily governed by federal law, specifically the United States Bankruptcy Code. However, state laws also play a significant role, especially in determining the rights of debtors and creditors regarding property exemptions and claims. This dual application makes understanding both federal and relevant state laws important in bankruptcy cases.

Which Statement Is True Regarding the Type of Law That