Understanding Bankruptcy Exemptions
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Learn about the exemptions available under the bankruptcy code.Whether you are a creditor, represent a debtor or a creditor or are just dying to know about bankruptcy exemptions, this course has something for everyone. This topic will discuss exemptions available under the Bankruptcy Code. There will be discussions on state vs. federal exemptions and their differences. This material will provide a prospective from both a debtor's point of view and a creditor's point of view. As important as it is to learn about exemptions from both sides, it is just as or even more important to learn how the bankruptcy trustee is involved, what the trustee is looking for and what duties does the trustee have. Additionally, the speakers will also discuss what happens to property of the estate that cannot be exempted or when a creditor has been successful in objecting to exemptions. This panel will highlight exemptions from a 30,000-foot view and break down the ins and outs of using and objecting to exemptions.
AuthorsKirk B. Burkley, Esq., Bernstein-Burkley, P.C. Keri P. Ebeck, Bernstein-Burkley, P.C.
Overall View - Exemptions Under 11 U.S.C. §522
• Exemptions Available Under the Bankruptcy Code
• Federal vs. State Exemptions
• Identifying Which Exemptions to Utilize and When
• Overall Trustee Involvement; How Choosing the Right Exemption Could Affect the Case
Exemptions in Detail (Debtor and Creditor Prospective)
• Proper Completion and Valuations in Schedules
• Identifying Relevant Exemptions
• Use of Exemptions From the Individual Debtor's Prospective
- What Happens When Exemptions Run out?
- Judgment/Liens Impairing Exemptions
- CARES Act Update - Can You Exempt Stimulus Payments?
• Reviewing Schedules and Exemptions as a Creditor
• Objections to Exemptions, When, How and Why
• Reviewing Schedules and Valuation
• Evaluating Potential Assets of the Estate and Whether an Exemption Has Been Claimed
• Investigating Assets, Including Those Exempted
- Are the Assets Properly Valued?
- Is the Exemption Properly Used?
• What Legal Options Are Available to Trustee for Nonexempted Assets
- Objecting to Claimed Exemptions
- Objecting to Discharge
- Avoidance Claims
- Referrals to United States Trustee
Exempted Assets After Bankruptcy