Bankruptcy Law Quiz
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Questions and Answers

What is the maximum value a debtor can exempt in his homestead acquired within 1215 days before filing for bankruptcy?

  • $300,000
  • $200,000
  • $155,675 (correct)
  • $100,000

    • Under what condition can a person claim more than the $155,675 homestead exemption?

  • Purchasing the home at a discounted price
  • Being a first-time homebuyer
  • Living in the home for 3 1/3 years (correct)
  • Renting out a portion of the home

    • What is the cap placed on IRA's according to 522 (n)?

  • $2 million
  • $1.4 million (correct)
  • $1 million
  • $1.8 million

    • How does a fraudulent conveyance in the last 10 years affect the homestead exemption?

    <p>It is deducted by the amount of the fraudulent conveyance</p> Signup and view all the answers

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