Which Statement Is True Regarding the Type of Law That

question 50

Multiple Choice

Which statement is true regarding the type of law that is relevant to bankruptcy claims?

• A) Only federal statutory law is relevant.
• B) Only state statutory law is relevant.
• C) While bankruptcy law is state law, federal law applies to bankruptcy cases in the sense that federal laws regarding debtor's property and creditor claims may apply.
• D) While bankruptcy law is federal law, state law applies to bankruptcy cases in the sense that state laws regarding debtor's property and creditor claims may apply.
• E) Only federal common law is relevant to bankruptcy claims.

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Definitions:

Permanent

Permanent describes something that is intended to last or continue indefinitely, without an anticipated end or change.

Punitive Damages

Financial compensation awarded to a plaintiff, over and above actual losses, to punish the defendant for particularly wrongful acts and deter future similar acts.

Flagrant

Blatantly offensive or outrageous.

Wrongdoers

Individuals or entities that commit acts against the law or ethical standards.