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Monday, 11 November 2013 15:27

Exemptions

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RODRIGUEZ & ASSOCIATES BANKRUPTCY BLOG

EXEMPTIONS

November 7, 2013

 The Eighth Circuit has ruled that some equity needs to be shown in property in order to claim an exemption.  This issue most commonly arises when a motion is made to strip a judgment lien off a home using the Homestead exemption.  Some judges have ruled that equity needs to be shown to take the exemption.  In other words, if the mortgage is higher than the value of the home listed on the petition, there may be no ability to strip under 11 U.S.C. 522(f).  This is apparently the law within the Eighth Circuit.  In the Albany District, this rule does not take effect.  See: Goben v. Corydon State Bank Eighth Circuit, 9/23/13.

Source: Consumer Bankruptcy News October 28, 2013, Volume 24, Issue 2.

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