Liens and Exempt Property
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Questions and Answers

Which type of liens on exempt property can be removed under 522(f) in bankruptcy?

  • Execution liens and possessory, purchase money security interests
  • Garnishment liens and purchase money security interests
  • Judgment liens and non-possessory, non-purchase money security interests (correct)
  • Mechanics liens and non-consensual liens
  • Which type of security interests are not avoidable under 522(f) in bankruptcy?

  • Non-consensual security interests for professional implements or books
  • Non-possessory, non-purchase money security interests
  • Purchase money security interests like a credit card limit (correct)
  • Purchase money security interests for household furnishings/goods
  • To what extent can liens on exempt property be removed under 522(f)?

  • To the extent of the consensual liens
  • To the extent of the purchase money security interests
  • To the extent of the non-possessory, non-purchase money security interests
  • To the extent of the applicable non-consensual security interests (correct)
  • In bankruptcy, which type of security interests could the debtor potentially avoid under 522(f)?

    <p>Non-possessory, non-purchase money security interests for professional implements or books</p> Signup and view all the answers

    Under Section 522(f), when can a lien not be completely avoided?

    <p>If the lien attached to the property simultaneously with the debtor’s acquisition of the property</p> Signup and view all the answers

    In the context of consensual mortgage and lien, which statement is true?

    <p>A consensual mortgage is still not avoidable even if it is a consensual mortgage instead of a lien</p> Signup and view all the answers

    When does a judgment lien become avoidable under Section 522(f)?

    <p>When the judgment lien attaches to property acquired by the debtor</p> Signup and view all the answers

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