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Bankruptcy Exemption – Fully Vested Interest

By: Derek Hawkins//July 24, 2017//

Bankruptcy Exemption – Fully Vested Interest

By: Derek Hawkins//July 24, 2017//

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7th Circuit Court of Appeals

Case Name: John Carroll, et al. v. Joji Takada, Chapter 7 Bankruptcy Trustee

Case No.: 14-3576

Officials: EASTERBROOK, WILLIAMS, and SYKES, Circuit Judges

Focus: Bankruptcy Exemption – Fully Vested Interest

In their Chapter 7 bankruptcy petition, John and Catherine Carroll claimed a $30,000 exemption for Catherine’s interest in a trust settled by her since deceased parents. The bankruptcy trustee objected, and the bankruptcy court sustained the objection and struck the exemption. The district court affirmed and so do we. Catherine’s trust interest fully vested before the Carrolls filed for bankruptcy, so the property belongs to the bankruptcy estate.

Affirmed

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Attorney Derek A. Hawkins is the managing partner at Hawkins Law Offices LLC, where he heads up the firm’s startup law practice. He specializes in business formation, corporate governance, intellectual property protection, private equity and venture capital funding and mergers & acquisitions. Check out the website at www.hawkins-lawoffices.com or contact them at 262-737-8825.

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