Do some research on North Carolina's bankruptcy exemptions and apply them to the scenario below. You'll be given a business' assets (with dollar values) and a grand total. Then, you apply state exemptions (deductions) to reduce the total asset value to arrive at a net figure. That figure represents what asset value the business must use to pay off its debts.

https://www.ncleg.net/enactedlegislation/statutes/html/bychapter/chapter_1c.html

• Alternatively, you could Google "North Carolina Bankruptcy Exemptions" and find a website that gives you categories of assets that are exempt and dollar values. Don't use federal exemptions.
• Use the attached table to fill in the Amount Exempt and Category of Exemption columns (I did the first one for you so you can see what I mean).
• Assume that Mr.Farquarris filing for Chapter 7 bankruptcy
• Calculate the net assets available to creditors (total assets minus total exemptions).

Below is a list of assets for Farquarr Mule Skinners, a sole proprietorship of Mr. Gomer Farquarr (45 years old, unmarried, one dependent child).

AutoSave File Home Insert Draw Design E bankruptcy table - Saved to this PC V Layout References Mailings Review View Help Table Design Layout ,0 Search (Alt+Q) Hima Patel @ Q I3 X 5' Comments L l"'|\"'\"'\"'1'\"l\"'Z'5\"l\"3\"'l'\"4'\"l"'5\"'|\"'6"' 'al _ A '1' Description Mkt. Value'Amt Exempt Category of exemption (and reason why it should be (if an!) exempt) , 529 plan held for child $30,000 $25,000 Funds in a qualified 529 plan to a limit of $25,000 for a child of the debtor. 1C1601(a)(10) : Cash in savings account $10,000 "' Mutual funds in a regular (non- $22,900 7 retirement) brokerage account. Individual Retirement Account $67,500 7 balance in an m IRA account : Home Furniture (all bought years $4,000 N ago) ' Mule harnesses, reins, and other $2,500 equipment 7 Personal residence ($100,000 still $200,000 , owed on mortgage) 0', Barn and outbuilding $35,700 , Pickup truck (owned outright) $13,900 80-inch wide-screen TV (bought $5,000 ' last week) , Total Assets $391,500 V' Total Exemptions (add up exempt , amounts) Net amount available to Creditors , (Total Assets minus Total Exemptions) m V Page 1 OH 123 words D; Text Predictions: On ;Q 80F Mostly cloudy 7?)? Accessibility: Investigate 33: Focus :Eouoel;le@o-Iq E -I+ 100% , ,1. c: 3:35PM A 6 *9 de 9/12/2022 9