Question
Mary files for chapter 7 relief. Mary owns a car valued at $2,500.00 with no lien, jewelry worth $2000.00, a vacant lot in Ocala, Florida
Mary files for chapter 7 relief. Mary owns a car valued at $2,500.00 with no lien, jewelry worth $2000.00, a vacant lot in Ocala, Florida valued at $30,000.00 with no lien, and a homestead valued at $1.5m which she intends to keep. What is the liquidation value of Mary's estate and can the chapter 7 trustee sell the assets for the benefit of creditors who timely file a claim?
Group of answer choices
$32,500. Yes the trustee can sell the assets
$34,500. Yes the trustee can sell the assets
$32,500. No the Trustee cannot sell the debtor's assets
$2,500. Yes the trustee can sell the assets
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