Question

Which of the following items would you most likely be able to keep in Chapter 7 bankruptcy?

a.
equity in your home
b.
a fur coat worth $2,000
c.
a sports car with $6,000 equity
d.
tools for your woodworking hobby

The answer is A

Answer 1

The answer is A, as stated.

Answer 2

The answer is option A.

Explanation:

Which of the following items would you most likely be able to keep in Chapter 7 bankruptcy? The answer is - equity in your home.

Equity is the amount of ones home, that he/she actually owns after accounting for debt. It can be calculated by subtracting the loan balance from the market value of the home.