Forever Yours,Inc

question 29

Multiple Choice

Forever Yours,Inc.has a secured and perfected security interest in Sally's big-screen TV.On the filing date of Sally's Chapter 7 petition,the balance of the debt owed to Forever Yours is $2,000.The value of the TV is estimated at $1,500.This means that Forever Yours

• A)is secured for the entire debt,$2,000.
• B)is unsecured for $500,the excess of the debt over the value of the TV.
• C)has a high priority claim of $500.This means that Forever Yours,Inc.will be allowed $500 worth of other unsecured property before other unsecured creditors get anything.
• D)is unsecured for the entire debt.

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