From the Editor - Property of Estate and Exemptions • NACTT Academy

From the Editor – Property of Estate and Exemptions

By The Honorable William Houston Brown (Retired)

Waiver of state exemptions. Under California’s opt out and exemption laws, debtors in bankruptcy have a choice of state exemption schemes—one only for those filing bankruptcy and the regular exemptions. The regular exemptions have a more generous homestead, while the bankruptcy exemptions have a smaller homestead but more generous wildcard. Each joint debtor must execute a waiver of the regular exemptions in order to use the special bankruptcy-only exemptions, and absent waiver, the regular exemptions apply by default. When one joint debtor executed a waiver but . . .

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From the Editor – Curing Default

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By The Honorable William Houston Brown (Retired) Debtor could cure default beyond 60 months. Agreeing with In re Klaas, 858 F.3d 820 (3d Cir. 2017), bankruptcy court had discretion to permit debtors to cure plan default, allowing a reasonable grace period beyond the 60 months of confirmed plan. Dismissal of the case for plan default was not required under §...

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Henry E. Hildebrand, III

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Henry E. Hildebrand, III

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Supreme Court Grants Certiorari in City of Chicago v. Fulton

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By William Houston Brown, Editor/Adviser, Academy for Consumer Bankruptcy Education On December 18, 2019, the Supreme Court granted the City of Chicago’s petition for certiorari, 2019 WL 6880702, from the decision of the Seventh Circuit at 926 F.3d 916 (7th Cir. June 19, 2019). The Seventh Circuit’s decision was analyzed in a prior article on this website. In its decision,...

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Who Files the Tax Returns Under SBRA

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By Steven L. Walker, Esq. (San Jose, CA) Subchapter V of the newly amended Bankruptcy Code is silent on the question as to whether the debtor-in-possession, or the court appointed trustee, must file the entity’s income tax returns on Form 1065, Form 1120, or Form 1120S. Although the IRS also has not issued any formal guidance, answers can be found...

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Critical Case Comment

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