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.
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.
Recently Asked Questions
- Chem 350: Statistical Mechanics and Chemical Kinetics
- On May 1 , Foxtrot Co . agreed to sell the assets of its Footwear Division to Albanese Inc . for $ 80 million . The sale was completed on December 31 , 2011 .
- Please continue with the Preeminent Party Planning facts included in questions # 6 and # 9 . How much cash did Preeminent pay in 2012 for interest ?