Fact Pattern 33-3 (Questions 32-35 apply)
Mary's home is in a state that has a $30,000 homestead exemption.Mary de?faults on a $60,000 debt that she owes to Nina.Mary's home is sold at auc?tion for $80,000.
-Refer to Fact Pattern 33-3.Other property Mary may own that may be ex?empt from satisfaction of judgment debts includes

Question

Quizplus · Accepted Answer

The homestead exemption only applies to Mary's primary residence, but she may be able to exempt other property that is necessary for her livelihood, such as tools used in her trade. Investments in family businesses and recreational vehicles do not necessarily qualify for exemption. The answer A is incorrect because Mary cannot just choose any property to exempt without it meeting certain criteria.

Fact Pattern 33-3 (Questions 32-35 Apply)