The Bankruptcy Act of 2005 Increases the Responsibility of a Debtor's

question 10

Multiple Choice

The Bankruptcy Act of 2005 increases the responsibility of a debtor's attorneys thereby raising concerns that bankruptcy practice may become less attractive because:

• A)the attorney has to operate on relatively thin margins as provisions increase along with costs and risks.
• B)the attorney owes a duty to client for getting the debtor's property appraised.
• C)the attorney has to call a meeting of all the creditors of the debtor.
• D)the attorney has to classify the priority of creditors as per the 10 classes of priority given in the Bankruptcy Code.

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Definitions:

Active Listener

A person who engages in listening by paying close attention, asking clarifying questions, and providing feedback.

Upward Communication

The flow of messages from lower to higher organizational levels.

Downward Communication

Follows the chain of command from top to bottom.

Leanest Form

A state or manner that is stripped down to the most essential elements, without any excess or waste.