Question

Damian owns a pick-up truck and a motorcycle. He sells the motorcycle to Eden for $10,000. Eden pays for the cycle with a check, knowing that she had insufficient funds in her account to cover the amount. A week later, Damian files a petition in bankruptcy for relief through a liquidation.
Regarding the pick-up truck, Damian
a. can exempt an interest in it up to $3,675 from the bankruptcy.
b. must include it as part of the estate because Damian sold the cycle.
c. must include it as part of the estate because Eden's check did not cover the cost of the cycle.
d. must include it as part of the estate unless the trustee recovers the price from Eden.

Answer

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