According to the 2005 Act,a Debtor Can Be Granted Chapter

question 52

True/False

According to the 2005 act,a debtor can be granted Chapter 7 relief only after four years of following Chapter 7 relief.

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Definitions:

Form 6198

An IRS form used by taxpayers to determine the amount of loss from an at-risk activity that is deductible.

IRC

The Internal Revenue Code, which is the comprehensive set of tax laws in the United States governing federal tax obligations.

Active Income/Loss

Income or losses generated from direct business activities or employment, as opposed to passive income from investments.

Passive Income/Loss

Earnings from rental property, limited partnerships, or other enterprises in which the individual is not actively involved.