By Thomas D. DeCarlo, Staff Attorney, Office of David Wm. Ruskin, Chapter 13 Standing Trustee, Eastern District of Michigan (Detroit)
Any attorney who has practiced in the bankruptcy arena for any length of time has encountered the concept of “converting” non-exempt assets into exempt assets. The concept is fairly clear – a person owns an asset for which there is no allowable exemption. The person, usually after meeting with bankruptcy counsel, sells or liquidates the asset, and uses the proceeds to purchase a different, fully exemptible asset. The person then files bankruptcy, claims the asset as exempt, and . . .
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