Jerry has the following assets: a house with equity of $15,000, a car with equity of $2,500, and household goods worth $6,000 (no single item over $400). He also has tools worth $5,800 that he needs for his business.
Using the federal list, the total amount of exemptions that Jerry would be allowed is $_.00.
Using the state list, the total amount of exemptions that Jerry would be allowed is $_.00.
The _ list will be more favorable for him.
Assume the current federal bankruptcy exemptions are listed at the left, and the state exemptions are listed at the right. The debtor may use the exemption table that best benefits him or her. For the two circumstances described below, compute the exemption amounts and decide which will be better for the debtor—the federal list or the state list.
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Jerry has the following assets: a house with equity of $15,000, a car with equity of $2,500, and hou...
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