pre-bankruptcy asset transfer

Homestead exemption allowed on a 19 year old bankruptcy case.

A recent 2nd Circuit Court opinion on a New York Bankruptcy case allowed a debtor to claim a bankruptcy exemption on a home 19 years after the case was filed.

In re Muscato, 98-14386 (Bankr. W.D.N.Y. March 22, 2018)

The court looked to a Supreme court case   — Law v. Siegel, 134 S. Ct. 1188, 188 L. Ed. 2d 146, 82 U.S.L.W. 4140 (2014)

When the court’s sense of equity collides with a statute, it ruled that the statute prevails when it comes to allowing exemptions.

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Terrance Leeders

Chicago Bankruptcy Lawyer, husband, father, Cubs fan.

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