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Question of the Day: CPA Regulation (REG)

A debtor who filed voluntarily and received a discharge in bankruptcy under the provisions of Chapter 7 of the federal Bankruptcy Code:

Will receive a discharge of any and all debts owed.

May obtain another voluntary discharge in bankruptcy under Chapter 7 after five years have elapsed from the date of the prior filing.

Must surrender for distribution to the creditors any amount received as an inheritance if received within 180 days after filing the petition.

Is precluded from owning or operating a similar business for two years.

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