Question

Mary's home is in a state that has a $30,000 homestead exemption. Mary defaults on a $60,000 debt that she owes to Nina. Mary's home is sold at auction for $80,000. If Nina recovers less than she is owed, she can realize the difference from

Answer 1

only nonexempt property that Mary owns

Step-by-step explanation:

If Mary's home is sold at auction for $80,000, Mary will receive $30,000 (equal to homestead exemption) and Nina will receive the remaining $50,000. Since Nina is receiving less money than she is owed by Mary, the only way she can recover some more money is from suing for other nonexempt property that Mary may own.