Question 3 2 pts Liane is injured in an automobile accident and cannot work. She cannot pay her bills and files for bankruptcy relief under Chapter 7. Federal exemptions apply, and Liane lists as exempt $70,000 in equity in her residence; interest in a vehicle of $2,000; interest in jewelry of $400; and retirement funds in her individual retirement account. Her creditors filed an objection to all claimed exemptions. What is the status of the exemptions Liane claimed on the retirement funds? She will not be able to claim that exemption. The status of the exemption is unclear without further information regarding beneficiaries of the IRA. She will be able to claim that exemption. She will be able to claim that exemption but only up to $50,000. She will be able to claim that exemption but only up to $25,000. Question 4 2 pts Maria has filed for bankruptcy because has a huge amount of debt and very little assets. She owes her gardener $10,000, her pool maintenance company $5,000, her dog groomer $3,000, her hair stylist $4,000 and her personal trainer $1,500, all for work done last year. She likes her hair stylist so she pays him the full amount owed, pays $6,000 to her gardener, and then files for bankruptcy 60 days later. Creditors are expected to receive 20 percent of what they are owed. The bankruptcy trustee: Will be able to recover the payment to the gardener, but not the one to the stylist Will not be able to recover the payment to the gardener, but will be able to recover the one to the stylist Will be able to recover the payment to the gardener and the one to the stylist Will not be able to recover either payment because they were made more than 50 days before the bankruptcy filing Will not be able to recover either payment because there was a contemporaneous exchange for value Question 3 2 pts Liane is injured in an automobile accident and cannot work. She cannot pay her bills and files for bankruptcy relief under Chapter 7. Federal exemptions apply, and Liane lists as exempt $70,000 in equity in her residence; interest in a vehicle of $2,000; interest in jewelry of $400; and retirement funds in her individual retirement account. Her creditors filed an objection to all claimed exemptions. What is the status of the exemptions Liane claimed on the retirement funds? She will not be able to claim that exemption. The status of the exemption is unclear without further information regarding beneficiaries of the IRA. She will be able to claim that exemption. She will be able to claim that exemption but only up to $50,000. She will be able to claim that exemption but only up to $25,000. Question 4 2 pts Maria has filed for bankruptcy because has a huge amount of debt and very little assets. She owes her gardener $10,000, her pool maintenance company $5,000, her dog groomer $3,000, her hair stylist $4,000 and her personal trainer $1,500, all for work done last year. She likes her hair stylist so she pays him the full amount owed, pays $6,000 to her gardener, and then files for bankruptcy 60 days later. Creditors are expected to receive 20 percent of what they are owed. The bankruptcy trustee: Will be able to recover the payment to the gardener, but not the one to the stylist Will not be able to recover the payment to the gardener, but will be able to recover the one to the stylist Will be able to recover the payment to the gardener and the one to the stylist Will not be able to recover either payment because they were made more than 50 days before the bankruptcy filing Will not be able to recover either payment because there was a contemporaneous exchange for value
