Identify the true statements about the reforms in the Bankruptcy Code that were signed into law in April 2005. (Check all that apply.)
Multiple select question.
The reforms made it more challenging to walk away from all debt by filing for Chapter 7 bankruptcy.
Under the law, individuals have to necessarily obtain credit counseling within six months of filing.
The reforms are based on the argument that a person should not be obligated to repay his or her debt.
Under the law, the income statement is required to ascertain if an entrepreneur is eligible for either Chapter 7 or Chapter 13 bankruptcy.

Question

19-12-2022
Business

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Identify the true statements about the reforms in the Bankruptcy Code that were signed into law in April 2005. (Check all that apply.)
Multiple select question.
The reforms made it more challenging to walk away from all debt by filing for Chapter 7 bankruptcy.
Under the law, individuals have to necessarily obtain credit counseling within six months of filing.
The reforms are based on the argument that a person should not be obligated to repay his or her debt.
Under the law, the income statement is required to ascertain if an entrepreneur is eligible for either Chapter 7 or Chapter 13 bankruptcy.

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jaiswaljyoti jaiswaljyoti · Answer 1 · 2022-12-25T08:00:45+01:00

Correct options to the given question about Bankruptcy Code is option A and B - The reforms made it more challenging to walk away from all debt by filing for Chapter 7 bankruptcy.

Under the law, individuals have to necessarily obtain credit counseling within six months of filing.

An array of formal forms for use in bankruptcy cases are included in the Bankruptcy Rules. The formal legal processes for addressing the debt difficulties of individuals and businesses are outlined in the Bankruptcy Code, Bankruptcy Rules, and local rules. Each judicial division in the nation has its own bankruptcy court. As Title 11 of the United States Code, the US Bankruptcy Code is also known. When submitting a petition to the United States Bankruptcy Court, it specifies the steps that both firms and individuals must take. Because certain property is protected from creditors' claims under federal bankruptcy law or state bankruptcy law, an individual debtor may use the Bankruptcy Code to shield it from creditors' claims.

To learn more about Bankruptcy Code click here

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