Legal Advice


QCan someone help me double check a Bankruptcy (Business Law) Question please?

QUESTION: Jan is filing for Chapter 7 bankruptcy protection. Jan owns her own home, which is worth $75,000, and upon which Jan owes $60,000. Jan also owns a $20,000 diamond ring,

which was given to her by her ex-husband. Which of the following is true about Jan’s bankruptcy?



A. Jan may exempt her equity in the home, but she shouldn’t be able to exempt the full value of the diamond ring.



B. Jan may not exempt the full value of the equity in the home or the full value of the diamond ring.



C. Jan may exempt a portion of the value of the diamond ring, but she may not exempt the full value of her equity in the home.



D. Jan may exempt the full value of the equity in her home and the full value of the diamond ring.



I'm thinking that the answer is A. Am I right?

answers

This question still have no answer summary yet.

This Question: "Can someone help me double check a Bankruptcy (Business Law) Question please?" No answers yet.

Be the First! Or read related questions

Anonymous Sign In Sign Up
Add Answer of
Can someone help me double check a Bankruptcy (Business Law) Question please?

Did this answer your question? If not, ask a new question.

Related Answers