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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:

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

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

Will receive a discharge of any and all debts owed.

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

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