Fact Pattern 20-1 Mary's Home Is in a State That Has a $30,000

question 61

Multiple Choice

Fact Pattern 20-1
Mary's home is in a state that has a $30,000 homestead exemption.Mary de-faults on a $60,000 debt that she owes to Nina.Mary's home is sold at auc-tion for $80,000.
-Refer to Fact Pattern 20-1.If Nina recovers less than she is owed,she can realize the difference from

• A)any property that Mary owns.
• B)only exempt property that Mary owns.
• C)only nonexempt property that Mary owns.
• D)property that any other member of Mary's family owns.

---

Definitions:

Untaxed Income

Earnings that are not subject to taxation by governmental authorities.

Assets

Resources owned by an individual or business that have economic value and can be used to meet debts or commitments.

Brainstorming

A group creativity technique designed to generate a large number of ideas for the solution of a problem.

Financial Aid

Monetary support provided to students to help cover education-related expenses.