Purdue MGMT 455 Final|97 Exam Study Questions with 100% Correct Answers | Verified

A debtor in a chapter 7 proceeding may claim as exempt the equity in the family residence not to exceed $15,000. - ️️False ($19300) A person may exempt $10,250 on tangible personal property. - ️️True A debtor in a chapter 7 proceeding is entitled to claim as exempt the value of intangible personal property up to $4,000. - ️️False ($400) You may claim as exempt an unlimited amount of money for a Retirement account. - ️️True A person who has lost a case in small claims court does have a right to appeal that decision but there is a time limit of 30 days from the date of judgement to do so. - ️️True The role of the Sheriff is serving a writ of execution in order to pay the judgement by selling those assets, collecting money, and passing it along to the person with the judgement. - ️️True Damages not able to be recovered in small claims court include actual damages. - ️️False (they are able to be claimed) A person may recover actual damages based upon the proof that was presented to support such an award. - ️️False (compensatory not actual) A tort claim is not the same action as a suit for breach of contract. - ️️True The elements of a trot are duty, breach of that duty, and damage caused by the breach. - ️️True