Which of the Following Statements Concerning Reaffirmation Agreements Is Correct

question 28

Multiple Choice

Which of the following statements concerning reaffirmation agreements is correct?

• A)Reaffirmation agreements are unlawful under the Bankruptcy Act.
• B)Reaffirmation agreements must be made before a discharge in bankruptcy is granted.
• C)A debtor cannot voluntarily pay any dischargeable obligation without entering into a reaffirmation agreement.
• D)Court approval is required for the reaffirmation of loans secured by real property.

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Definitions:

Homestead Act

A U.S. law enacted in 1862 that provided 160 acres of public land free of charge to any adult who completed five years of continuous residence and cultivation on the land.

Public Land

Land owned by the government rather than private individuals, often designated for public use, conservation, or as government facilities.

Western Settlement

The expansion and colonization of areas in North America by European settlers, primarily in the 19th century, moving westward.

Non-War-Related Legislation

Laws and regulations passed by a legislative body that deal with matters outside of military conflict or national defense issues.