Can a Trustee withdraw an abandonment to invoke Wolf v. Jacobsen?
Posted: Wed Mar 13, 2013 1:41 pm
my fear based on Jacobson is that the homestead exemption would revert to
the bank or other creditors if it is not reinvested within six months.
i do not think that rule applies to the wildcard exemption though.
On Wed, Mar 13, 2013 at 9:50 AM, clifford_bordeaux wrote:
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> Once a trustee is on notice of the existence of an asset and has
> affirmatively stipulated to abandonment of the asset, is there any way the
> Trustee could later try to withdraw the abandonment? Ie: if there is a
> potential Wolf v. Jacobsen issue (exempt home sold during pendency of case,
> after trustee abandoned asset), are sale proceeds safe once the Trustee has
> abandoned? Or should the client reinvest their sale proceeds to be
> absolutely sure that the Trustee won't try to come back later for the cash?
> (Trustee is in the process of administering a nonexempt asset, so case
> could remain pending for more than six months after sale of debtor's
> residence.) Client is over 65 and in very poor health--on the wait list for
> a kidney transplant--and really needs to keep the funds liquid if at all
> possible.
>
>
>
my fear based on Jacobson is that the homestead exemption would revert to the bank or other creditors if it is not reinvested within six months.i do not think that rule applies to the wildcard exemption though.
On Wed, Mar 13, 2013 at 9:50 AM, clifford_bordeaux <cliff@bordeauxlaw.com> wrote:
Once a trustee is on notice of the existence of an asset and has affirmatively stipulated to abandonment of the asset, is there any way the Trustee could later try to withdraw the abandonment? Ie: if there is a potential Wolf v. Jacobsen issue (exempt home sold during pendency of case, after trustee abandoned asset), are sale proceeds safe once the Trustee has abandoned? Or should the client reinvest their sale proceeds to be absolutely sure that the Trustee won't try to come back later for the cash? (Trustee is in the process of administering a nonexempt asset, so case could remain pending for more than six months after sale of debtor's residence.) Client is over 65 and in very poor health--on the wait list for a kidney transplant--and really needs to keep the funds liquid if at all possible.
The post was migrated from Yahoo.