Under the Bankruptcy Code a Debtor

question 54

Multiple Choice

Under the Bankruptcy Code a 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 their chances of recovery.
• D) may pick and choose between them the set of exemptions provided by the state or the set provided by the federal bankruptcy law.

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Definitions:

Administrative Procedure Act

A U.S. federal statute that governs the way administrative agencies of the federal government may propose and establish regulations.

Sunset Legislation

Laws that are designed to expire on a specific date unless renewed by the legislature, used to ensure periodic review of their necessity and effectiveness.

Congressional Review

The process by which Congress can nullify regulations made by government agencies within a certain timeframe after the rules have been presented to it.

Exhaust Administrative Remedies

The principle that requires a party to use all available administrative options or appeals within an agency before pursuing legal action in court.