Thursday, November 29, 2012

Bankruptcy Law, The Law of Debtors and Creditors Problem Set Answers, Warren Westbrook Sixth Edition - Problem Set 8

Problem Set 8, p.196

  • Get most things. Not stock or checking account. This discourages people from having liquid assets.
  • Wheelchair not towards the $60,000 cap (TX) on personal items.  
  • What of the potential $50,000 settlement? Is a cause of action included in his estate? This is a legal or equitable interest. What if it were a business with a copyright suit entitlement? Seems like property that they should have to list. 
  • What could they keep under Federal law? Lower cap. But we don't meet the whole cap under Texas law anyway. Wheelchair (big item) is uncapped under Federal law, too. 
  • What could they keep under Delaware. Only a $5000 cap. Lame. No wheelchair even?
  • Gets the whole value of the Bible under WY statute? No cap?

  • Federal only exempts amount she needs to support herself. §522
  • TX §1108.0531 exempts all of the life insurance
  • If you sell a house, so first you pay the commission of 6%; then pay secured creditors who are not influenced by the exemption; third, exemption; fourth, how about the leftover? It is the estate
  • Does this fall in §522 (f)? To avoid the nonpossessory, nonpurchase money security interest? No. here it is a purchase money security interest.

    Problem set 9, p.217
  • §522(b)(3). Not in the same place for two years. So look at the 180 days before the two years.
  • Does Texas law apply? Does he get Texas homestead law then? He lived in Texas for 91 days, so he applies Texas law. But Texas homestead law only protects homesteads in Texas. So he cannot use Texas law.
  • If there is no protection under any one state, then Federal exemptions apply with a cap of $18,500. (b)(3)(c) (end).
Problem Sets: Table of Contents

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