Saturday, December 1, 2012

In re Walsh case brief

 In re Walsh (Bankr. DDC 1980)
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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