The assets that can be exempted from bankruptcy

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Reference no: EM131791772

1. The assets that can be exempted from bankruptcy in order to assure an honest debtor that he or she can get a fresh start are determined by

Federal law and the exemption provisions of the bankruptcy act.

State law.

Either federal law or state law, at the debtor's discretion.

State law, unless the state statute allows the debtor to choose between the federal and the state exemptions.

By the trustee in bankruptcy, taking into account what is in the best interests of the debtor.

2. Of the following, which is a payment that is treated as a voidable preference under bankruptcy law?

A transfer in the ordinary course of business.

A payment to a purchase-money security interest creditor.

A payment to a business's main supplier for a preexisting debt.

A payment of a fully secured loan.

All of the above are voidable preferences once the debtor files a petition for bankruptcy relief.

Reference no: EM131791772

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