Asked by Wahidah Mat Nasir on Jul 07, 2024
Verified
An absolute $160,375 homestead cap applies if:
A) the debtor's aggregate interest exceeds $1,600 in value in jewelry held primarily for the personal,family,or household use of the debtor.
B) retirement funds that are in a fund or account are exempt from taxation under the Internal Revenue Code.
C) the debtor's interest exceeds $160,375 in value in real or personal property.
D) the bankruptcy court determines that the debtor has been convicted of a felony demonstrating that the filing of the case was abuse of the provisions of the Code.
Homestead Cap
The homestead cap is a legal provision that limits the annual increase in valuation of a homestead property for property tax purposes.
Aggregate Interest
The total amount of interest payable or receivable over the life of a loan or investment.
Convicted
A legal finding that someone is guilty of a crime after a trial or through a guilty plea.
- Know the exemptions and limitations under bankruptcy proceedings.
Verified Answer
GA
Ghaith AloqailyJul 10, 2024
Final Answer :
D
Explanation :
An absolute $160,375 homestead cap applies if the bankruptcy court determines that the debtor has been convicted of a felony demonstrating that the filing of the case was an abuse of the provisions of the Bankruptcy Code.
Learning Objectives
- Know the exemptions and limitations under bankruptcy proceedings.