Asked by Kristofer Miller on May 30, 2024
Verified
To reduce creditor attempts to pressure debtors to reaffirm,which of the following acts requires that a reaffirmation promise be made prior to the date of the discharge and gives the debtor the right to revoke his promise within 30 days after it becomes enforceable?
A) The National Labor Relations Act
B) The Bankruptcy Abuse Prevention and Consumer Protection Act
C) The Uniform Debt-Management Services Act
D) The Bankruptcy Reform Act
Bankruptcy Reform Act
A piece of legislation that reformed the bankruptcy system, typically referring to the Bankruptcy Reform Act of 1978 or amendments thereof.
Debtors
Individuals or entities that owe money to others.
Creditor Attempts
Efforts made by creditors to collect debts owed to them, which can include legal actions, settlement negotiations, or other collection activities.
- Examine how statutory provisions affect the consideration requirement in specific contexts, such as bankruptcy or reaffirmation agreements.
Verified Answer
KL
Kevin LeonardJun 03, 2024
Final Answer :
D
Explanation :
To reduce creditor attempts to pressure debtors to reaffirm,the Bankruptcy Reform Act of 1978 made it much more difficult for debtors to reaffirm debts discharged in bankruptcy proceedings.The act requires that a reaffirmation promise be made prior to the date of the discharge and gives the debtor the right to revoke his promise within 30 days after it becomes enforceable.
Learning Objectives
- Examine how statutory provisions affect the consideration requirement in specific contexts, such as bankruptcy or reaffirmation agreements.