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

question 27

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 as:

• 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:

Automatic Process

Cognitive activities that require little to no conscious effort or attention, such as breathing or walking.

Learning

The process of acquiring new understanding, knowledge, behaviors, skills, values, attitudes, or preferences through study, experience, or teaching.

Behaviour

The way in which an individual acts or conducts themselves, especially towards others.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired: a response which is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.