The homestead exemption in a town is $15,000. Four years ago, a man purchased a home for $58,000 and then experienced hard times. At a court-ordered sale, the man's property is purchased for $60,000. If the man has an outstanding mortgage balance of $35,000 and credit card debts amounting to $24,360, how much is protected by the homestead?
the homestead exemption if $15,000. So, when the property is sold for $60,000, the mortgage of $35,000 is paid, and $15,000 is reserved, leaving $10,000 for the credit card debt.
(this multiple choice question has been scrambled)