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:

Nonconsecutive Terms

Periods of service in an office that are not directly followed by each other.

Grover Cleveland

The 22nd and 24th President of the United States, known for his honesty, integrity, and reformist efforts, serving two non-consecutive terms from 1885–1889 and 1893–1897.

American President

The head of state and head of government of the United States, elected to a four-year term, serving as the executive branch's leader.

Plessy V. Ferguson

A landmark 1896 U.S. Supreme Court decision that upheld state laws requiring racial segregation in public facilities under the doctrine "separate but equal."