Susan owns her home with a value of $350,000.00 and a mortgage of $275,000.00. Can she claim the value of the house as an exemption? And, if so, how much should she claim? Compare the federal exemptions to those allowed in your state. Is her home protected from seizure and sale to satisfy debts of the bankruptcy estate?
What will be an ideal response?
Students can conduct research to answer this question, based on federal law and state law exemptions. Only 15 states and the District of Columbia allow debtors to use the federal exemptions. Many states require debtors to use state exemptions. The amount of state exemptions vary greatly from state to state
Susan’s equity in her home is $75,000. Only the unsecured portion or equity in the home can be claimed as an exemption. The federal homestead exemption is capped at $125,000 for property acquired in the 3.3 years prior to filing. There are adjustments that may be made due to various circumstances. The federal homestead exemption is $20,200. State exemptions range greatly from $5,000 to $150,000.
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What are Bequests and legacies?
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Instead of personally soliciting clients, some attorneys have employed people called ____________________ to obtain clients for them.
Fill in the blank(s) with the appropriate word(s).
A subpoena is:
A. A document legally requiring that a person appear or produce certain documents or items in court B. A motion asking for an adjournment of a case C. A document legally requiring that a person appear or produce certain documents or items in court and a motion asking for an adjournment of a case D. None of the above
A Latin term used to refer to the case under consideration is _____________
Fill in the blank(s) with correct word