Janine decides to make an assignment into bankruptcy.She has a number of creditors, including those that are secured (a bank has a mortgage against her house), preferred (the government, for some unpaid taxes), and general unsecured (all of the remainder).Janine would like to keep her household furniture worth $1500, but she will not be able to do so because all of her property must be made available to satisfy the claims of creditors.

Question

Quizplus · Accepted Answer

This statement is false. Janine may be able to keep her household furniture worth $1500 if it is exempt from seizure under bankruptcy laws. The specific exemptions available vary by jurisdiction, but typically include some types of household items and personal property.

Janine Decides to Make an Assignment into Bankruptcy