The filing of a bankruptcy petition operates as a(n) :
A) exemption of certain items of property.
B) discharge,relieving the bankrupt person of further responsibility for dischargeable debts,giving him/her a fresh start.
C) automatic stay,holding in abeyance various forms of creditor action against a debtor or his/her property.
D) redemption of exempt personal property from secured creditors by paying them the full value of the collateral at the time the property is redeemed.
Correct Answer:
Verified
Q26: Which of the following statements about the
Q27: According to the 2005 revisions of the
Q28: If a petition for bankruptcy is filed
Q29: Under the Bankruptcy Act's exemption provisions:
A)the debtor
Q30: The 2005 revisions of the Bankruptcy Code
Q32: Which Chapter of the Bankruptcy Code covers
Q33: An absolute $160,375 homestead cap applies if:
A)the
Q34: Under the Bankruptcy Code the debtor:
A)must elect
Q35: A voluntary petition under Chapter 7:
A)cannot be
Q36: According to the 2005 revisions of the
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