U.S. Supreme Court to Hear Bankruptcy Exemption Issue
By Jill Michaux, Kansas Bankruptcy Attorney on Apr 27, 2009 in Bankruptcy Cases & Legislation, Exemptions In Bankruptcy
The U.S. Supreme Court accepted a case for review with two bankruptcy exemption issues: 1) When a debtor exempts property as his own and places a value on it in his bankruptcy paperwork, is he limited to that dollar amount or is the asset fully exempt? 2) Is there an exception to the 30-day deadline for objections to the exemption by the bankruptcy trustee? See Schwab v Reilly, No. 08-538.
The Supreme Court reviews about 80-100 cases per year out of 15,000 requests.
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