Chapter 2: Property of the Estate Flashcards
what section provides the general rule for determining what is/is not property of the estate?
section 541
at what point in time is property of the estate defined?
the moment the petition is filed
under 541, does the bankruptcy estate include the DR’s post filing wages or winning the lottery after filing?
no
what defines what is considered property under 541 (property of the estate)?
state law
under 541(a)(5), what 4 major types of property are deemed to be property of the estate if happen w/i 180 days of filing? (4 things)
- inheritance
- award/judgment of a sum of money
- divorce property settlement
- life insurance settlement
what does the Butner doctrine say?
non-BK law (usually state law) determines the substantive rights of the parties unless a specific BK rule or principle alters those rights. Federal BK laws then govern the parties’ procedural rights
If the DR obtains property after the start of BK, is this property part of the BK estate?
no
Can property that has been acquired after filing BK be used to enforce the payment of pre-BK claims?
no
what is it called when an entity must give back property to the TT if the TT can use, sell, or lease the property or the DR can exempt the property?
turnover
what is the purpose of exemptions?
facilitate the DR’s fresh start by allowing them to keep some property
where are exemptions talked about in my outline?
property of the estate
is exempt property counted as property of the BK estate?
no
what does it mean to say that a case is a no asset case?
means there is no property to distribute to the unsecured creditor even if they are priority unsecured creditors (they get nothing)
when does the DR have to claim an exemption to a piece of property?
when that property is property of the estate
which section relates to exemptions?
522
what must the DR have in order to claim an exemption in a specific piece of property?
equity in that property
if there is no equity in a specific piece of property, does a DR need to claim an exemption for it?
no
what happens to the exempt amounts listed in 522(d) if a married couple files a single joint petition?
the amounts are doubled
what should you replace the word “avoid” w?
get back
when can the DR avoid the fixing of a lien in terms of property of the estate?
when:
- the lien is created by a judicial lien AND
- the lien impairs an exemption to which the DR would have been entitled AND
- lien attached after DR acquired property interest
can a DR avoid the impairment of an exemption if the lien attaches to the property at the same time the property interest is created?
no, 522(f) does not apply in this situation
which section prevent bad actor DRs from exempting more than $155,675 in a homestead exemption?
522(q)
