Fact Pattern 15-1 (Questions 12-15 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 15-1. Mary will receive

Question

Quizplus · Accepted Answer

The $30,000 homestead exemption in Mary's state means that $30,000 of the proceeds from the sale of her home is protected and cannot be used to pay off her debt to Nina. Therefore, Mary will receive the remaining $30,000 ($80,000 sale price - $30,000 homestead exemption - $60,000 debt owed to Nina).

Fact Pattern 15-1 (Questions 12-15 Apply)