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Lindsay has learned that the extent to which a person's primary residence may be exempt property in a Chapter 7 bankruptcy often depends on state...

Lindsay has learned that the extent to which a person’s primary residence may be exempt property in a Chapter 7 bankruptcy often depends on state laws. She has asked you to answer the following questions:

1. What does the federal code allow for exempt property;

2. Does federal bankruptcy law allow states to grant greater exemptions than are allowed under federal law; and

3. Using the Internet, identify three states that have more generous residence or personal property exemptions than are offered under the US Bankruptcy Code. List and describe the amount of the state exemptions.

These two sites should be useful in your research.
http://uscode.house.gov/download/title_11.shtml
http://www.legalconsumer.com/bankruptcy/laws/

Instructions:
Your typed response should be no longer than one(1) page, 1 and ½ line spaced with 1 and ¼ inch margins on each side, including top and bottom.
Answer all parts of the question and indicate by numbering as in the question.
Whenever possible refer to the specific sections of the any applicable code (Federal and state) that apply to your answer.
Your complete answer should include a detailed explanation for a yes or a no response to any question of part of a question.

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