District Judge Says Proceeds of Exempt Property Retain Exempt Status in Chapter 7

After filing for chapter 7 bankruptcy, a debtor can sell exempt property and permanently protect the proceeds from creditors, even if the debtor does not reinvest the proceeds in exempt property within the time limits prescribed by state law, bankruptcy and district judges held in Maine. The facts are always important, in this case the debtor owned a home in Maine, a state with a $47,500 homestead exemption.

If you would like to speak to an attorney about a real estate matter or bankruptcy, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

This entry was posted in General. Bookmark the permalink.

Leave a Reply