Central District Consumer Bankruptcy Attorney's Association

"It is well-established that the nature and extent of exemptions is determined as of the date of the bankruptcy petition is filed. ... Because lien avoidance is part and parcel of the exemption scheme, the right to avoid the judicial lien must also be determined as of the petition date. ... Furthermore, exemptions and impairment are determined on the date of the bankruptcy without reference to subsequent changes in the character or value of the exempt property...."
In re Chiu, 262 B.R. 743, 751 (9th Cir. BAP 2001)(citations omitted); accord In re Salanoa, 263 B.R. 120 (Bankr. S.D. CA 2001); c.f. In re Burgie, 239 B.R. 406 (9th Cir. BAP 1999).
Sam - I believe these are still good law.
Eric
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
Telephone: (310) 792-5864
Facsimile: (310) 347-4353
Email: MitnickLaw@aol.com, MitnickLaw@gmail.com
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To: cdcbaa
Sent: Fri, Jun 3, 2016 2:38 pm
Subject: [cdcbaa] Efffective date of Valuation and Loan balances - 522 motion
I have a PC who needs me to reopen a 2010 chapter 7 to avoid a judgment lien under 522f. The home was underwater at the time of filing but no longer is. Am I correct in assuming that the appraisal should date back to 2010, as should the loan balances (and that the existing equity in the property is not relevant?)? Thanks.
"It is well-established that the nature and extent of exemptions is determined as of the date of the bankruptcy petition is filed. ... Because lien avoidance is part and parcel of the exemption scheme, the right to avoid the judicial lien must also be determined as of the petition date. ... Furthermore, exemptions and impairment are determined on the date of the bankruptcy without reference to subsequent changes in the character or value of the exempt property...."
In re Chiu, 262 B.R. 743, 751 (9th Cir. BAP 2001)(citations omitted); accord In re Salanoa, 263 B.R. 120 (Bankr. S.D. CA 2001); c.f. In re Burgie, 239 B.R. 406 (9th Cir. BAP 1999).
Sam - I believe these are still good law.
Eric
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Ste. 1080
Torrance, California 90503
Telephone: (310) 792-5864
Facsimile: (310) 347-4353
Email: MitnickLaw@aol.com, MitnickLaw@gmail.com

Although this email and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by the sender for any loss or damage arising in any way from its use.

The information contained in this email message and any attached files may be privileged, confidential and protected from disclosure. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited. If you think that you have received this email message in error, please notify the sender by reply email, and delete the email message you received and all of the attached files.
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-----Original Message-----
To: cdcbaa <cdcbaa@yahoogroups.com>
Sent: Fri, Jun 3, 2016 2:38 pm
Subject: [cdcbaa] Efffective date of Valuation and Loan balances - 522 motion

I have a PC who needs me to reopen a 2010 chapter 7 to avoid a judgment lien under 522f. The home was underwater at the time of filing but no longer is. Am I correct in assuming that the appraisal should date back to 2010, as should the loan balances (and that the existing equity in the property is not relevant?)? Thanks.
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