Ten Years Earlier, as a Graduation Gift, Tom Received a $500

Ten years earlier, as a graduation gift, Tom received a $500 certificate of deposit. Now, the amount in the cd has increased to over $3,000. Is the cd protected in bankruptcy?

A) All cd's and retirement accounts are protected, especially if it's given as a gift.
B) The cd is protected because it was opened more than ten years ago, also known as the 10-year rule.
C) The cd is protected because it's still below the exemption limits.
D) Cd's are held by financial institutions and are required to be listed in the schedules. Whether or not the cd is protected depends on the assets that make up the bankruptcy estate.