- Instructor: Attorney Bob Schaller
- Lectures: 10
Schedule C: Exemptions.
Every Chapter 7 debtor is allowed, but not required, to file a schedule of exempt assets. Like the petition and Schedule A/B, Bankruptcy Rule 9009 requires a debtor to use a specific national form prescribed by the Judicial Conference of the United States when listing the debtor’s exemptions. Bankruptcy Rule 9009(a). These rules are strictly enforced. The schedule’s form may not be changed as to affect wording or the order of presenting information. Id.
Exemptions are a powerful tool acting as a counterweight to a Chapter 7 panel trustee’s ability to seize and sell assets listed on Schedule A/B. The exemption laws may allow a debtor to retain an asset and avoid liquidation of that asset by fully exempting the asset. The exemption laws may alternatively allow a debtor to receive proceeds from the sale of a liquidated asset to the extent the asset is only partially exempt. As explored below, the applicable exemption protection is either granted by Congress as codified in the Bankruptcy Code or granted by an applicable state legislature.
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