The assets that can be exempted from bankruptcy in order to assure an honest deb

ID: 377983 • Letter: T

Question

The assets that can be exempted from bankruptcy in order to assure an honest debtor that he or she can get a fresh start are determined by

Question 15 options:

Federal law and the exemption provisions of the bankruptcy act.

State law.

Either federal law or state law, at the debtor's discretion.

State law, unless the state statute allows the debtor to choose between the federal and the state exemptions.

By the trustee in bankruptcy, taking into account what is in the best interests of the debtor.

Federal law and the exemption provisions of the bankruptcy act.

State law.

Either federal law or state law, at the debtor's discretion.

State law, unless the state statute allows the debtor to choose between the federal and the state exemptions.

By the trustee in bankruptcy, taking into account what is in the best interests of the debtor.

The answer is given below:

Federal law and the exemption provisions of the bankruptcy act.

The federal law governs towards financial aspects on assets on exempted from bankruptcy.

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.