NACBA Files Amicus Brief on Issue of Claiming 100% FMV for Exemption

Posted by NCBRC - October 21, 2011

In the case of In re Massey, No. 11-60 (B.A.P. 1st Cir.) NACBA has filed an amicus brief arguing that pursuant to the plain language of the Bankruptcy Code and the Supreme Court’s decision in Schwab v. Reilly, 560 U.S. __,130 S.Ct. 2652 (2010) a debtor may claim an exemption in property in the amount of 100% of the fair market value. The brief further argues that if the trustee believes that the fair market value of debtor’s interest in the property exceeds the allowed amount for the exemption, that issue is properly the subject of an evidentiary hearing. Finally, NACBA disputes the trustee’s position that post-petition appreciation of a fully exempt is property of the estate.

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