Which of the following is true of bankruptcy law in the United States?
A) The 1978 bankruptcy law made it easier for debtors to be relieved of much of their debt.
B) The 1978 bankruptcy law was deemed to be "creditor friendly."
C) The bankruptcy act of 2005 makes it easier for debtors to be relieved of their debts under federal bankruptcy law.
D) The 2005 bankruptcy act has been called "debtor friendly."

Question

Quizplus · Accepted Answer

The 1978 bankruptcy law, also known as the Bankruptcy Reform Act, made it easier for debtors to file for bankruptcy and be relieved of much of their debt.

Answer: B 
 The 1978 bankruptcy law was criticized for being "debtor friendly" and making it too easy for individuals and businesses to file for bankruptcy and have their debts discharged, which was seen as being unfair to creditors.

Answer: D 
 The 2005 bankruptcy act, known as the Bankruptcy Abuse Prevention and Consumer Protection Act, has been called "debtor unfriendly" by some critics because it includes stricter requirements and limitations on who can file for bankruptcy and what debts can be discharged.

Which of the Following Is True of Bankruptcy Law in the United