Explain the steps that Congress has taken to try to prevent individuals from abusing bankruptcy protections.
What will be an ideal response?
Congress amended the bankruptcy statutes in 2005 with the Bankruptcy Abuse Prevention and Consumer Protection Act. The act was designed to make the public more responsible with their debt by making it harder for debtors to seek Chapter 7 protections. It established the means test for debtors, required proof of income, set a higher priority for alimony and support payments, and required credit counseling.
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Estimated liability for product warranties to be paid in the future is a current liability
a. True b. False Indicate whether the statement is true or false
Compensatory damages are not available in cases of intentional discrimination in violation of Title VII of the Civil Rights Act of 1964
Indicate whether the statement is true or false
If you marginal tax rate is likely to be lower in your retirement years, you should
A) prefer a tax-deductible IRA to Roth IRA. B) prefer a Roth IRA to a tax-deductible IRA. C) be indifferent between investing in a tax-deductible IRA or a Roth IRA. D) prefer a non-tax advantaged investment to either a tax-deductible IRA or a Roth IRA.
A secured bond is enforceable by a lien upon specific property rather than against the general assets of the corporation
Indicate whether the statement is true or false