Edith Files a Chapter 7 Petition in Bankruptcy

question 2

Multiple Choice

Edith files a Chapter 7 petition in bankruptcy.She owns the following property: (1) an automobile valued at $1,000; (2) a homestead valued at $75,000,on which First Bank holds a mortgage of $50,000; (3) personal jewelry valued at $1,100;and (4) monthly disability payments of $1,000.Assuming Edith elects to use the exemptions listed in the Bankruptcy Code,what property may Edith keep?

• A) The disability payments only.
• B) The disability payments and the homestead only.
• C) The disability payments plus the automobile,at least part of the equity in the homestead,and the jewelry.
• D) Nothing.She must sell all of her assets and have the proceeds distributed to the creditors,and she must turn the disability payments over to the trustee.

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