Solved

What Is the Status of the Exemption She Claimed on the Residence

Question 50

Multiple Choice

What is the status of the exemption she claimed on the residence?


A) It will likely be allowed because the value claimed is within the federal exemption allowed.
B) It will likely be allowed because although it is more than the federal exemption, no creditor filed an objection to it.
C) It will likely be disallowed because the federal limit for an exemption for a residence is $10,000.
D) It will likely be disallowed because the federal limit for an exemption for a residence is $5,000.
E) The status of the exemption is unclear without further information regarding the resale value of the home.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions