(1) If the assignor reserves any of his property as exempt, the court shall appoint three (3) competent and disinterested housekeepers, who, after being first duly sworn, shall set apart to the debtor the property exempt, and within ten (10) days thereafter the assignee shall file a report thereon. Exceptions may be filed to the report by any person in interest but not later than sixty (60) days after the report has been filed. The court shall hear and dispose of any exceptions and if none are filed it shall confirm the report.
(2) If land is exempt, an order shall be entered directing the assignee to employ, if necessary, a competent surveyor to lay off by metes and bounds the homestead exemption as set apart by the appraisers. The court may, with the consent of the assignor, and if it appears best for the interest of the creditors, or if the land is not divisible without impairing its value, order the property sold and the value of the homestead, not exceeding five thousand dollars ($5,000), paid to the assignor.