Which of the Following Is an Incorrect Statement Regarding the Provisions

question 27

Multiple Choice

Which of the following is an incorrect statement regarding the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005?

• A)Under the BAPCPA,an individual may not generally be considered a debtor unless within 180 days prior to filing,the debtor receives credit counseling from a nonprofit budget and credit counseling agency.
• B)Under the BAPCPA,if an individual was a debtor in a bankruptcy case that was dismissed within 180 days of the current case,the individual is generally not eligible to be a debtor under Chapters 7,11,or 13.
• C)Under the BAPCPA,if a previous bankruptcy was completed rather than dismissed,the individual is generally permitted to file for bankruptcy again.
• D)Under the BAPCPA,if a party completes a Chapter 7 bankruptcy,the party is not permitted to seek a Chapter 7 bankruptcy again for eight years.
• E)Under the BAPCPA,if a party has at least $10,000 in assets,the party may not file for any type of bankruptcy protection.

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Definitions:

Price Index

A statistical measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation and deflation.

Nominal GDP

The market value of all final goods and services produced within a country in a given period, measured in current prices.

Real GDP

The total value of all goods and services produced by an economy adjusted for inflation, offering a more accurate reflection of an economy's size and growth rate.

Price Level

A gauge of the overall current prices for a broad range of goods and services manufactured in the economy.