Under the Bankruptcy Code the Debtor

question 73

Multiple Choice

Under the Bankruptcy Code the debtor:

• A)must elect to use either the set of exemptions provided by the state or the set provided by the federal bankruptcy law.
• B)must honor the instructions of the adjudicating court with regard to the set of exemptions that he should take.
• C)must accept the decision of the creditors with regard to the exemptions to be taken so as to not jeopardize his chance of recovery.
• D)may pick and choose between the set of exemptions provided by the state or the set provided by the federal bankruptcy law.

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Definitions:

Public Policy

Principles and standards considered by the legislative body to be of benefit to the public and used as a guide to govern actions.

Competition

The rivalry among businesses to attract customers and achieve higher sales, often driving innovation and efficiency in the market.

Common Law

A set of uncodified laws derived from judicial decisions and court judgments.

Procedural Unconscionability

A situation where the terms of a contract are unfair or oppressive because of the process involved in the agreement formation, including lack of negotiation power or misleading terms.