Kylie filed a Chapter 7 bankruptcy petition in which she exempted her home,valued at $125,000.Kylie can exempt her entire home from all creditors if:

Question

Quizplus · Accepted Answer

Under the federal Bankruptcy Code, the homestead exemption amount varies by state law. If Kylie lives in a state that allows an exemption amount of $125,000 or more, and she has lived in that state for at least two years prior to the bankruptcy, she can exempt her entire home from all creditors, including secured creditors with perfected liens against the home. Therefore, option (C) is the best choice.

Kylie Filed a Chapter 7 Bankruptcy Petition in Which She