EXEMPTIONS
Judge Opperman, in the case of In re Miller, Case No. 11-21722-dob, Eastern District of Michigan, Northern Division, recently determined that a bankruptcy debtor's exemptions are not available to recover value created by a bankruptcy trustee. In this case, the trustee negotiated a settlement with a secured mortgage holder under which the mortgage holder agreed to accept less than the full amount of its secured indebtedness from sale of the property.
Because all of the proceeds were not going to a secured creditor, the debtor claimed that the money received by the trustee should be paid to the debtor to satisfy the debtor's exemptions and filed a motion for abandonment of the funds to accomplish that purpose. The bankruptcy court ruled against the debtor on this bankruptcy question and ruled that the funds remain property of the bankruptcy estate, free of the debtor's claim of exemptions.
Henry Knier
Smith, Martin, Powers & Knier, P.C.
Introducing Our Firm
After many years of talking about a website, we have finally created our website. We plan to use this website to highlight topics that interest us and are important to our practices. New court decisions constantly change the business of practicing law. During my career, the Bankruptcy Code has been overhauled twice and has had minor revisions countless times. Three of our attorneys represent doctors in medical malpractice cases. They have also seen continual changes in the legal profession.
Between the six attorneys on our staff, we cover most practice areas. Even if we don’t, we welcome your call and we will determine whether there is any way that we can assist you.
We have not listed our staff on our website. That may have been an oversight since most of them have many years of experience. They are dedicated and loyal members of our business.
Enjoy our website. We look forward to your call if we can assist you in any way.
Henry Knier
Smith, Martin, Powers & Knier, P.C.