San Jose Bankruptcy Attorney explains why bankruptcy attorneys and potential filers should closely watch an upcoming U.S. Supreme Court case.
San Jose Bankruptcy Attorney explains why bankruptcy attorneys and potential filers should closely watch an upcoming U.S. Supreme Court case.
The United States Supreme Court recently heard arguments on a case brought by a bankruptcy trustee from Pennsylvania. At issue is whether a debtor in a Chapter 7 bankruptcy can exempt personal property from seizure to pay her debts by claiming the property is worth exactly the amount exempt under law, regardless of its true value. The trustee, William Schwab, is appointed to the position by the U.S. Department of Justice and serves as a sort of referee looking out for the interests of the debtor, the creditor, and the law, in Chapter 7 bankruptcy cases. The trustee’s decisions are overseen by a bankruptcy court judge, who has final jurisdiction in the case.
The case before the court involves a caterer who declared that her kitchen equipment was valued at $10,700, which is the exemption limit for a Chapter 7 bankruptcy filing. Schwab had the equipment appraised and its value was determined to be $17,200, well above the exemption limit. Schwab contended that the equipment should be sold and anything above the exempt amount would be distributed to creditors. The Bankruptcy court disagreed, and the appeals have landed the case before the Supreme Court because in five circuit courts of appeal rulings of similar cases, three have gone one way, and two have gone the other. So the Supreme Court will make a ruling that will create something resembling a uniform standard across the country.
Your San Jose bankruptcy attorney can guide you through determining what is exempt in bankruptcy and what is not exempt in bankruptcy. Bankruptcy is a complex procedure that requires a knowledgeable, experienced bankruptcy attorney to help you receive the best possible outcome under the law.
Pocono attorneys win airing from U.S. Supremes, Pocono Record, November 9, 2009
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you are have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
