Abe and Hanna Are Husband and Wife

question 6

Multiple Choice

Abe and Hanna are husband and wife.They have filed for Chapter 7 bankruptcy.However,they cannot agree on which set of property exemptions they want to use.Abe wants to use the federal set of exemptions,but Hanna wants to use the set of exemptions from Michigan,where they have lived for 10 years.Under these circumstances:

• A)the federal exemptions will apply to this bankruptcy proceeding.
• B)the Michigan exemptions will apply to this bankruptcy proceeding.
• C)the federal exemptions will apply to Abe's property and the Michigan exemptions will apply to Hanna's property.
• D)the bankruptcy court will decide which set of exemptions to apply.

---

Definitions:

Monopoly

A market structure characterized by a single seller, selling a unique product in the market with no close substitutes, often leading to higher prices for consumers.

Transparency International

A non-governmental organization that aims to combat global corruption and promote transparency, accountability, and integrity in all sectors.

ISO 7000 Code

A collection of internationally recognized symbols published by the International Organization for Standardization that facilitate the use of products and services.

Consumer Bill of Rights

A set of guidelines designed to protect consumer interests, outlining their rights to safety, information, choice, and to be heard in the marketplace.