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QUESTION 14 List three(3)types of property. that are exempt from being taken from the Bankrupt...

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Finance

QUESTION 14 List three(3)types of property. that are exempt from being taken from the Bankrupt by the Trustee/Court. I do not expect you to know precise ceilings on value, but I do expect you to identify exempt assets with sufficient specificity to demonstrate knowledge QUESTION 15 Mike bought a used car from Highway Motors for $20,000. Highway Motors offered financing, so Mike paid $2,000 down and signed a financing agreement to pay off the balance over the next 36 months ter one year of diligently making payments, Mike lost his job and stopped making car payments What are the possible actions that Highway Motor can take against Mike? CHECK ONE ANSWER ONLY. 1. Sue Mike for the balance owed 2. Repossess the car and sell it at a private auction 3. Repossess the car and sell it at a public auction 4. 1and 2 5. 1 and 3 6. 2 and 3 7. 1,2,and 3

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