Edith files a Chapter 7 petition in bankruptcy. She owns the following property: 1. an automobile valued at $1,000; 2. a homestead valued at $75,000, on which First Bank holds a mortgage of $50,000; 3. personal jewelry valued at $1,100; and 4. monthly disability payments of $1,000. Assuming Edith elects to use the exemptions listed in the Bankruptcy Code, what property may Edith keep?
A) The disability payments only.
B) The disability payments and the homestead only.
C) The disability payments plus the automobile, at least part of the equity in the homestead, and the jewelry.
D) Nothing. She must sell all of her assets and have the proceeds distributed to the creditors, and she must turn the disability payments over to the trustee.
C
You might also like to view...
How do the organizational outcomes of servant leadership differ from the individual and team outcomes?
a. They are based on group identification. b. They rely more on work engagement and self-efficacy. c. They are more culture based. d. They are more external and results oriented.
In order to keep the customer happy and to keep perceptions about performance high, it is acceptable to falsely assure customers that everything is on track, especially if you feel that the problem will be resolved soon.
Answer the following statement true (T) or false (F)
Identify the constitutional protections given to a criminal defendant by each of the following Amendments to the U.S. Constitution. How does each apply to the procedure involved in arresting and trying a criminal defendant? a. Fourth Amendment b. Fifth Amendment c. Sixth Amendment
The average SAT verbal score for students from one high school over the last 10 exams is as follows:
508, 490, 502, 505, 493, 506, 492, 490, 503, 501 Do the scores support an increasing or a decreasing trend? What will be an ideal response?