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Exempt Property Quiz

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Questions and Answers

Which state's exemptions would a person be eligible for if they lived there for 6 months prior to filing for bankruptcy?

California

New York

Texas

Florida (correct)

In the context of exemption statutes, what is the interpretation of the scope of local public assistance?

It only includes medical assistance

It is not clearly defined

It includes a rent stabilized lease (correct)

It excludes any form of housing assistance

What happens if the rules require the debtor to not get some state exemption?

The debtor must forego all exemptions

The debtor can apply for international exemptions

The debtor loses all exemption rights

The debtor can still use the federal exemptions (correct)

What is the value limitation on exemptions permitting a debtor to retain an heirloom?

There's no value limitation Signup and view all the answers

In bankruptcy cases, what determines the exempt property for debtors?

State statutes Signup and view all the answers

Under §522(b), what option is available to debtors regarding exempt property?

Choose between federal or state law exemptions Signup and view all the answers

How long must a debtor live in a state to claim the exemption laws of that state in bankruptcy cases?

2 years Signup and view all the answers

What determines the alternative application of Federal exemptions in bankruptcy cases?

State's determination Signup and view all the answers