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:

Labor Force

The total number of people employed plus the number actively seeking employment.

Female

Denoting the sex that can bear offspring or produce eggs, distinguished biologically by the production of gametes (ova) which can be fertilized by male gametes.

Sigmund Freud

A neurologist from Austria who established psychoanalysis as a therapeutic approach for treating mental disorders through conversational interactions between a psychoanalyst and their patient.

Erik Erikson

A developmental psychologist known for his theory on the psychosocial development of humans, delineating eight stages from infancy to adulthood.