Assets That a Debtor Gains After Filing a Voluntary Chapter

question 63

True/False

Assets that a debtor gains after filing a voluntary Chapter 7 bankruptcy petition are generally not part of the bankruptcy estate unless they fall under an exemption.

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Definitions:

Sale of Goods Act

Legislation that governs the sale of goods, ensuring rights, responsibilities, and protections for both buyers and sellers.

Title

The legal right to own, use, or sell property or assets; also refers to the formal document proving such a right.

Implied Condition

A term or stipulation in a contract that is not expressly stated but is assumed to exist due to the nature of the agreement or the parties' intentions.

Sale of Goods Act

A set of legal regulations governing the sale of goods, ensuring rights, and obligations between buyer and seller are clearly defined.