exemptions

730-Day Rule Costs Debtor Homestead Exemption

02/04/11
The Fifth Circuit's recent decision in Camp v. Ingalls allowed an itinerant debtor to claim federal exemptions that would not have been available to him had he remained in Florida. That was a small victory for the debtor. However, a decision released just a few days later reveals the darker side of the 730 day rule for claiming exemptions. In the case of In re Fernandez, No. 09-32896 (Bankr. W.D. Tex.
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When Can Bankruptcy Stop Creditors From Taking My Property?

01/26/11

No doubt you have heard the terms “unsecured” and “secured” creditors? But what do these terms really mean? In reality, the concepts are quite simple. First off, a creditor is generally someone who is owed money. A common example is when you take out a bank loan. Here you owe the bank a certain amount…

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Fifth Circuit Adopts Literal Reading of Exemption Statute

01/22/11
One of the reforms adopted by BAPCPA was to increase the amount of time a person had to spend in a state before he could take advantage of that state's exemptions. Under 11 U.S.C. Sec. 522(b)(3)(A), a person must live in a state for 730 days to claim that state's exemptions. If the debtor does not satisfy the 730 day requirement, the law of the state where the debtor lived for the greater portion of the 180 days prior to the 730 days applies.
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Schwab v. Reilly Places Homesteads at Risk Years After Filing

10/28/10
A new opinion from the Ninth Circuit illustrates the practical implications of Schwab v. Reilly, 130 S.Ct. 2652 (2010). In Matter of Gebhart, No. 07-16769 (9th Cir. 9/14/10), the Court held that the Trustee was entitled to reap the benefits of post-petition appreciation in the Debtor’s homestead. The opinion can be found here.
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Concealed Assets and Exemptions

10/29/07

In a post last week, I reported on the 9th Circuit BAP’s recent decision, In re Onubah, 2007 WL 2701336 (Bankr. App. 9th Cir. August 31, 2007), which surcharged the Debtor’s allowed homestead and household goods exemptions in the amount of the attorney fees and other costs incurred by the trustee as a result of the Debtor’s legal and extra-legal obstruction of the sale of his home.

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Concealed Assets and Exemptions

10/29/07

In a post last week, I reported on the 9th Circuit BAP’s recent decision, In re Onubah, 2007 WL 2701336 (Bankr. App. 9th Cir. August 31, 2007), which surcharged the Debtor’s allowed homestead and household goods exemptions in the amount of the attorney fees and other costs incurred by the trustee as a result of the Debtor’s legal and extra-legal obstruction of the sale of his home.

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Trustees Can Take Hostages! – They’re Called “Exemptions”

10/21/07

A few weeks ago the Bankruptcy Appellate Panel for the Ninth Circuit issued a decision which all chapter 7 trustees should welcome. The BAP upheld the decision of Bankruptcy Judge Kathleen Thompson, of the Central District of California, surcharging the Debtor’s homestead and household goods exemptions in the amount of the attorney fees and other costs incurred by the Trustee as a result of the Debtor’s refusal to vacate the home and related legal shennanigans aimed at frustrating the sale. In re Onubah, 2007 WL 2701336 (Bankr. App. 9th Cir.

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Trustees Can Take Hostages! – They’re Called “Exemptions”

10/21/07

A few weeks ago the Bankruptcy Appellate Panel for the Ninth Circuit issued a decision which all chapter 7 trustees should welcome. The BAP upheld the decision of Bankruptcy Judge Kathleen Thompson, of the Central District of California, surcharging the Debtor’s homestead and household goods exemptions in the amount of the attorney fees and other costs incurred by the Trustee as a result of the Debtor’s refusal to vacate the home and related legal shennanigans aimed at frustrating the sale. In re Onubah, 2007 WL 2701336 (Bankr. App. 9th Cir.

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