When is a debtor allowed to void liens on his properties? What type of liens can be voided on this basis?

What will be an ideal response?


The debtor is permitted to void certain liens against exempt properties that impair his exemptions. The liens that can be avoided on this basis are judicial liens (other than judicial liens that secure debts to a spouse, former spouse, or child for alimony, maintenance, or support) or nonpossessory, non-purchase money security interests in (1) household furnishings, household goods, wearing apparel, appliances, books, animals, crops, musical instruments, and jewelry that are held primarily for the personal, family, or household use of the debtor or a dependent of the debtor; (2) implements, professional books, and tools of trade of the debtor or of a dependent of the debtor; and (3) professionally prescribed health aids for the debtor or a dependent of the debtor.

Business

You might also like to view...

Expenses are often called the cost of doing business or expired costs

Indicate whether the statement is true or false

Business

Describe and discuss the four steps in the self-improvement plan

What will be an ideal response?

Business

Conversion cost is the sum of

A) direct materials cost and direct labor cost B) indirect labor cost and overhead cost C) product costs and period costs D) direct labor cost and overhead cost

Business

The project shown below has crash costs as shown in the table. What is the minimum completion cost for this project that has a fixed cost of $1,000 per day?

Activity Normal Duration (days) Crash Duration (days) Crash Cost ($/day) A 3 3 B 8 5 $800 C 6 4 $1200 D 9 4 $600 E 6 5 $400 F 6 4 $1100 G 2 1 $900 What will be an ideal response?

Business