The CARES Act, Public Law 116-136 had amended several parts of the Bankruptcy Code, but included sunset provisions terminating March 27, 2021. The COVID-19 Bankruptcy Relief Extension Act of 2021, H.R.1651, passed by the House and Senate and signed by the President on March 27, 2021, extended some provisions for another year. Section 1113 of the CARES Act had amended...
From the Editor – Property of Estate and Exemptions
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By The Honorable William Houston Brown (Retired)
New York’s increased homestead exemption applied to debtor after amendment’s effective date. New York increased its homestead exemption from $10,000 to $50,000, and the increase was intended by the legislature to apply to debtors who filed bankruptcy after the amendment’s effective date. The increased amount could be used by the debtor for judgment lien avoidance purposes under § 522(f). Even assuming that the judgment lien creditor recorded its judgment prior to the exemption increase, the debtor had some nonexempt equity in the property to . . .
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