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Paralegal Exam Prep

Category - Legal Envrmt

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What assets do the Bankruptcy Abuse Prevention and Consumer Protection Act make exempt from bankruptcy forfeiture?

Insurance policies
Real estate
Securities
Personal property
Pension assets

Explanation

Answer: E. The Bankruptcy Abuse Prevention and Consumer Protection Act exempts pension assets from bankruptcy forfeiture. Enacted in 2005, the Bankruptcy Abuse Preventing and Consumer Protection Act extends bankruptcy protection to the debtor's retirement funds. To be protected, the fund must be in a retirement plan that satisfies the applicable requirements of the Internal Revenue Code.

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