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Whether Section 522(B)(3) Of The Bankruptcy Code Contains An Implied Residency Requirement For Determining Which Exemption Scheme Applies, Christopher Mccune
Whether Section 522(B)(3) Of The Bankruptcy Code Contains An Implied Residency Requirement For Determining Which Exemption Scheme Applies, Christopher Mccune
Bankruptcy Research Library
(Excerpt)
Filing a bankruptcy petition creates a bankruptcy estate consisting of all the debtor’s legal or equitable interests in property, plus any proceeds generated from the disposition of property of the estate. Once a debtor’s asset becomes property of the estate, all the debtor’s rights in that property are extinguished, unless the property is “exempted” under section 522 of the Bankruptcy Code or is otherwise abandoned back to the debtor. Accordingly, while creditors are entitled to seek reimbursement in the rest of the bankruptcy estate, the debtor may retain his or her interest in exempted property.
Thus, section 522 of …
Section 365 Of The Bankruptcy Code Preempts Provisions Of State Dealer Statutes, Andrew Ziemianski
Section 365 Of The Bankruptcy Code Preempts Provisions Of State Dealer Statutes, Andrew Ziemianski
Bankruptcy Research Library
(Excerpt)
In bankruptcy proceedings, the rejection of an executory contract by a trustee under section 365 of the Bankruptcy Code constitutes a prepetition breach of contract, which gives rise to a general unsecured claim. The rejection damages claim, which is governed by state common law, will generally not be paid in full in bankruptcy.
The Bankruptcy Code will impliedly preempt state statutes that impose additional statutory damages, as these statutes impose damages for economic benefit of the counterparty and “‘frustrate section 365’s purpose of giving a debtor the power to decide which contracts it will assume and assign or reject …