Which of the following statements is true of the exemptions available to bankrupt debtors?

A. The set of exemptions is picked by the creditor's committee or the trustee.
B. They can elect to use the set of exemptions provided by either the state or federal bankruptcy law.
C. The debtor can pick the exemptions of the place where the debtor was domiciled for 100 days before filing of the petition.
D. They can elect to keep some items exempted under the state law and other items under the federal law.


Answer: B

Business

You might also like to view...

A dispute centered on status or power is called

A) a status con?ict B) an ego con?ict C) a power con?ict D) a needs con?ict

Business

By outsourcing jobs to a third party, companies can save money by reducing health benefits or retirement payments.

Answer the following statement true (T) or false (F)

Business

If the amount of materials on hand at the end of the period is less than the control account balance, the control account balance should be decreased by the following entry:

a. Debit - Work in Process Credit - Materials b. Debit - Materials Credit - Factory Overhead c. Debit - Materials Credit - Work in Process d. Debit - Factory Overhead Credit - Materials

Business

The average annual U.S. household after-tax income is about _____

a. $20,000 b. $35,000 c. $50,000 d. $65,000

Business