Use the attached table to fill in the Amount Exempt and Category of Exemption columns $($I did the first one for you so you can see what I mean$).$

Assume that Mr$.$ Farquarr is filing for Chapter $7$ bankruptcy

Calculate the net assets available to creditors $($total assets minus total exemptions$).$

Below is a list of assets for Farquarr Mule Skinners, a sole proprietorship of Mr$.$ Gomer Farquarr $(45$ years old, unmarried, one dependent child$).$

Description

Mkt$.$ Value

Amt Exempt $($if any$)$

Category of exemption $($and reason why it should be exempt$)$

$529$ plan held for child

$$30,000$

$$25,000$

Funds in a qualified $529$ plan to a limit of $$25,000$ for a child of the debtor. $1$C$-1601($a$)(10)$

Cash in savings account

$$10,000$

Mutual funds in a regular $($non$-$retirement$)$ brokerage account.

$$22,900$

Individual Retirement Account balance in an Etrade IRA account

$$67,500$

Home Furniture $($all bought years ago$)$

$$4,000$

Mule harnesses, reins, and other equipment

$$2,500$

Personal residence $($$$100,000$ still owed on mortgage$)$

$$200,000$

Barn and outbuilding

$$35,700$

Pick$-$up truck $($owned outright$)$

$$13,900$

$80-$inch wide$-$screen TV $($bought last week$)$

$$5,000$

Total Assets

$$391,500$

Total Exemptions $($add up exempt amounts$)$

Net amount available to Creditors $($Total Assets minus Total Exemptions$)$