Which of the following items is most likely to be considered exempt personal property, protecting it from being seized to satisfy a judgment debt?
Explanation
This question tests the ability to identify common categories of exempt personal property as outlined in state statutes.
Other questions
What is a claim against a debtor's property that must be satisfied before the property is available to satisfy the claims of other creditors?
When a person contracts for labor, services, or materials to improve real property but does not pay, what type of lien can the creditor place on the property?
What is the general time frame within which a notice of mechanic's lien must be filed, measured from the last date on which materials or labor was provided?
What is a key characteristic of an artisan's lien that distinguishes it from a mechanic's lien?
What is a court-ordered seizure and taking into custody of property before a judgment is secured for a past-due debt?
What is a court order that directs a sheriff to seize and sell a debtor's nonexempt property after a creditor has obtained a judgment?
In a garnishment proceeding, what is the term for the third party who holds property belonging to the debtor, such as an employer?
Under the federal Consumer Credit Protection Act, what is the minimum percentage of disposable earnings per week that a debtor can retain, exempt from garnishment?
What type of agreement involves creditors contracting with a debtor for the discharge of the debtor's liquidated debts on payment of a sum less than that owed?
What is a defaulting mortgagor's right to redeem their property by paying the full amount of the debt, plus interest and costs, before the foreclosure sale?
In a relationship where a third person promises to be responsible for a debtor's obligation, who is considered primarily liable for the debt in a suretyship contract?
What is the key difference between a suretyship and a guaranty in terms of the third party's liability?
Under the Statute of Frauds, which of these agreements is generally required to be in writing to be enforceable?
If a creditor and a principal debtor materially modify the terms of their original contract without the surety's consent, what is the effect on a gratuitous surety's obligation?
If a creditor surrenders the collateral to the debtor without the surety's consent, what is the impact on the surety's obligation?
Which of the following defenses of the principal debtor can a surety generally NOT assert against the creditor?
What is the right of a surety to step into the shoes of the creditor and pursue any remedies that were available to the creditor against the debtor?
What right allows a surety to recover from the debtor all outlays made on behalf of the suretyship arrangement, including the actual debt paid and expenses?
When two or more co-sureties guarantee a debt and one surety pays more than their proportionate share, what right allows that surety to recover the excess payment from the other co-sureties?
What is the most familiar exemption for real property that permits a debtor to retain the family home, either in its entirety or up to a specified dollar amount, free from the claims of unsecured creditors?
Based on the text's example, if a debtor's homestead is valued at 50,000 dollars, the homestead exemption is 25,000 dollars, and the home is sold at auction for 45,000 dollars to satisfy a 40,000 dollar judgment, how much is the creditor paid?
In the case of JSV, Inc. v. Hene Meat Co., Inc., why did the court conclude that Mark Kennedy's guaranty of the lease was a personal guaranty and not one made in his corporate capacity?
What is the typical outcome when a creditor obtains a deficiency judgment after a mortgage foreclosure sale?
Which of the following actions by a creditor would likely release a surety from their obligation?