The creditors claim that they should be able to reach all the value in the one acre except for the $15,000 exemption allowed by the federal law.
Who will win? Explain.
Thursday, May 7, 2015
One Acre Exemption
Under the state exemptions to the bankruptcy act allowable under the law of a large southwestern sate, there is a one-acre exemption for the debtor's home. Two brothers, Robert and Lyle Quest are forced into involuntary bankruptcy due to some precious metal speculations. Robert lives in a penthouse atop a $62million office building he owns. Lyle's penthouse is a top a $71 million building that he owns. Each claims the one acre due under the state law.
The creditors claim that they should be able to reach all the value in the one acre except for the $15,000 exemption allowed by the federal law.
Who will win? Explain.
The creditors claim that they should be able to reach all the value in the one acre except for the $15,000 exemption allowed by the federal law.
Who will win? Explain.
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The creditors will win.
ReplyDeleteThe creditors will win the case, because they can
ReplyDeleterobert will win because he doesn't have as much as the other guy
ReplyDeletethe creditors will win because they were in bankrupcy
ReplyDeleteThe Brothers will win because they own the land by law
ReplyDeleteThe creditors will
ReplyDeleteI think that Robert will win.
ReplyDeleteThe brothers will win because they each get an acre.
ReplyDeleterobert will win because his is not have as much as his brother
ReplyDeletethe brothers would have a high chance of winning, because they are not legally in debt.
ReplyDelete