Bret defaults on a loan owed to City Bank. As a creditor, City Bank may attempt to place liens on all of Bret's property except

Question

Quizplus · Accepted Answer

Motor vehicles that the debtor uses to commute to work are often exempt from creditors' liens. This is because transportation to work is necessary for the debtor's continued employment and ability to repay debts. The other options, personal property consisting of stock in various corporations, property the debtor elects to exempt, and real property on which the debtor plans to open a retail store, are not automatically exempt and may be subject to liens.

Bret Defaults on a Loan Owed to City Bank