By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN) One of the issues raised at the public hearings of the Commission concerned Chapter 7 trustees that would not take prompt action to abandon exempt or partially exempt assets but, would retain assets in the hope that there might be equity in the future to sell the asset for...
From the Editor – Property of Estate and Exemptions
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By The Honorable William Houston Brown (Retired)
Disallowance of exemptions based on bad faith. The Bankruptcy Appellate Panel vacated and remanded an order sustaining the Chapter 7 trustee’s objection to the debtors’ amended exemption claim, when the objection was based on the debtors’ bad faith. The debtors claimed exemption under Arizona law in prepaid rent and a security deposit, and the trustee argued that failure to disclose the asset was ground for denial of the exemption. Holding that Law v. Siegel, 134 S.Ct. 1188 (2014), discredited the use of equitable principles as . . .
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