Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sal is a lifelong North Carolina resident who has just filed for bankruptcy. North Carolina is a non-opt-out jurisdiction and Sal, who is single, has

Sal is a lifelong North Carolina resident who has just filed for bankruptcy. North Carolina is a non-opt-out jurisdiction and Sal, who is single, has elected to have his exemptions determined under section 522(d) of the Bankruptcy Code. Sal owns free and clear the items of furniture, household appliances, and other goods listed below. They are all kept in the rental apartment in which he has lived for the past several years:

- A 2014 Honda Civic worth $7,000

- Several items of jewelry with a combine value of $3,000

- A couch worth $400

- Four family room chairs worth $1000 each

- A dining room set worth $1,200

- A stereo system worth $900

- A Lazy-boy chair worth $250

- A bedroom set (bed, dresser, night stand and lamps) worth $2,000

- Computer equipment worth $4,000 that Sal uses in running his on-line sating service business

- A big screen TV worth $1,000

Which of these items can Sal claim as exempt in his bankruptcy case? (this is specific to North Carolina, reference relevant codes)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematical Interest Theory

Authors: Leslie Jane, James Daniel, Federer Vaaler

3rd Edition

147046568X, 978-1470465681

Students also viewed these Law questions