An individual retirement account that a Chapter 7 debtor inherited from her father was exempt from her bankruptcy estate, the 8th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment. The debtor was the named beneficiary of her father's individual retirement account (IRA).
The National Association of Consumer Bankruptcy Attorneys filed an amicus brief this week in a U.S. Supreme Court case considering how a debtor's exempt property should be valued. In the case, Schwab v. Reilly, the Court will answer the following question: When a debtor claims an exemption using a specific dollar amount that is equal to the value placed on the asset by the debtor, is the exemption limited to the specific amount claimed, or is the asset "fully exempt," regardless of its true value?
...Respondent Reilly filed for Chapter 7 bankruptcy when her catering business failed. She supported h... Schedule C, on which they must list the property they wish to reclaim as exempt. Her Schedule B ass...
A debtor couldn't claim the proceeds of her husband's life insurance policies as exempt property in her bankruptcy case, the 6th Circuit Bankruptcy Appellate Panel has ruled in reversing judgment. The debtor and her husband filed a joint petition for Chapter 7 bankruptcy protection.
S. Bankruptcy Judge Michael J. Kaplan reviewed the facts and law in In re Sidney C. Cranston, Jr. when asked to determine whether the proceeds from a buy-out agreement constituted an exempt asset or property of the bankruptcy estate. The facts before the U.S. Bankruptcy Court for the Western District of New York did not support the debtor's claimed exemption of the proceeds to the promissory note that was executed in the buy- out transaction. The proceeds were found to be part of the bankruptcy estate.
An annuity that a debtor purchased from his bankruptcy lawyer does not qualify as exempt property in his Chapter 7 case, the 9th Circuit has ruled in affirming judgment. Several months before filing for bankruptcy, the debtor paid his attorney $10,000 for the purchase of a single-premium annuity. In his bankruptcy case, the debtor claimed that the annuity qualified as exempt property because it constituted life insurance under California law.
Federal bankruptcy law ("Bankruptcy Code") serves two purposes: to allow creditors to share equally in the assets of the debtor's estate and to provide the honest debtor a fresh start. The equal distribution purpose is achieved when the debtor files for bankruptcy and the debtor's property becomes part of the estate for equal distribution to creditors. A conflict between these two overarching purposes of bankruptcy law arises when a trustee tries to avoid a debtor's prepetition transfer of an asset that the debtor would have otherwise been able to exempt from the estate. Despite policy support, textual support in the Bankruptcy Code, and Congressional intent, courts continue to reach inconsistent conclusions regarding whether a trustee can avoid a debtor's prepetition transfer of exempt...
United States Bankruptcy Appellate Panel. FOR TH... Stanton (the "Trustee"), to her claimed exemption of her interest in an annuity. We have jurisdictio... DISCUSSION "[M]ost assets become property of the estate upon the commencement of the bankrup...
The bankruptcy trustee was entitled to the post-petition appreciation in the value of estate assets that surpassed the amount of "wildcard" exemptions claimed by a Chapter 7 debtor, the 3rd Circuit has ruled in affirming judgment. Section 522(d)(5) of the Bankruptcy Code provides a "wildcard" exemption that allows the debtor to exempt an "aggregate interest in any property" up to a certain dollar amount.
A U.S. Supreme Court decision that went against a debtor last week may actually prove to be a boon for future consumer debtors. In a 6-3 decision authored by Justice Clarence Thomas, the Court ruled that a bankruptcy trustee could seek to recover a debtor's personal property that she had declared exempt in her Chapter 7 case.
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