7 Questions
Which type of liens on exempt property can be removed under 522(f) in bankruptcy?
Judgment liens and non-possessory, non-purchase money security interests
Which type of security interests are not avoidable under 522(f) in bankruptcy?
Purchase money security interests like a credit card limit
To what extent can liens on exempt property be removed under 522(f)?
To the extent of the applicable non-consensual security interests
In bankruptcy, which type of security interests could the debtor potentially avoid under 522(f)?
Non-possessory, non-purchase money security interests for professional implements or books
Under Section 522(f), when can a lien not be completely avoided?
If the lien attached to the property simultaneously with the debtor’s acquisition of the property
In the context of consensual mortgage and lien, which statement is true?
A consensual mortgage is still not avoidable even if it is a consensual mortgage instead of a lien
When does a judgment lien become avoidable under Section 522(f)?
When the judgment lien attaches to property acquired by the debtor
Test your knowledge of liens and exempt property with this quiz. Learn about the possibility of removing liens from exempt property in the context of bankruptcy, including the types of liens that can be avoided under specific provisions.
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