In
re Walsh (Bankr. DDC 1980)
Bankruptcy Law
Bankruptcy Law
Facts:
Trustee filed an application for appraisal and the debtor opposed it.
Debtor claimed exemption under §522. Trustee wants them valued at
FMV rather than liquidation value which the previous appraisal came.
It is essentially an objection to the claimed exemption taken under
§522(d).
Issue:
What is the proper measure of VALUE?
Holding:
Fair market value must be interpreted in the liquidation context in a
Chapter 7 cases.
Analysis:
§522(d) determines values as fair market value “as of the date of
the petition.” For policy reasons, if we used any other measure
other than liquidation value it would force debtor to sell property
regardless of whether they took the exemption or not.
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