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A is corrent because a bankrupt’s estate consists of property owned at the time of the filing of the petition and property received by way of inheritance bequest, devise, property settlement with spouse, divorce decree, or life insurance within 6 months after the filing of the petition. An inheritance received 180 days after the filing of the petition must be surrendered for distribution.
B is incorrect because the bankruptcy provisions do not preclude a bankrupt from owning or operating a similar business for 2 years.
C is incorrect because a bankrupt cannot obtain another voluntary discharge in bankruptcy under Chapter 7 until 8 years have elapsed from the date of the prior filing.
D is incorrect because the bankruptcy provisions will not discharge all of a bankrupt’s debts. For example, educational loans, governmental fines and taxes incurred 3 years prior to the filing, and debts arising out of false pretenses are not discharged in bankruptcy.