Which of the following describes both covey and freeland - shall
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Which of the following describes both covey and freeland - were visited
. which of the following describes both covey and freeland.In re Ronald G. Stewart, Debtors.
In Re Stewart, 452 B.R. 726 (Bankr. C.D. Ill. 2011)
United States Bankruptcy Court, C. May 12, Like many states, Illinois provides its citizens an exemption in proceeds from the sale of a homestead. It is an "expiring" exemption good for one year after receipt of the proceeds the purpose of which is to permit the proceeds to be reinvested in a new home. One question presented is whether a debtor who claims the exemption in homestead proceeds must intend to reinvest the proceeds in another home. More info Court holds that he does not have to prove such an intent to assert the exemption.
The second question presented is whether a debtor who files bankruptcy during the one-year period has an unconditional entitlement to exempt segregated homestead proceeds notwithstanding a subsequent failure to reinvest the proceeds in a new homestead.
This second issue, although a narrow one, is an example of the broader and important question of incorporating and applying state law in bankruptcy cases. In opt-out states where property exemptions are controlled by state law, the bankruptcy court is to apply each exemption and all of its terms and conditions exactly as state creeland provides.
Based on this principle, the Court holds that the reinvestment condition remains operative in bankruptcy so that the exemption is properly denied if the proceeds are not reinvested in a homestead within the one-year period dictated by the state statute.
The sale closed on March 1, On June 21,they filed a Chapter 7 petition, properly disclosing the prepetition sale of the house and the two uncashed checks. The escrow refund check was claimed partially exempt under the Illinois "wild card" exemption provision. The Chapter 7 Trustee, Charles E. The claimed exemption in the certificate of deposit was denied after the DEBTORS conceded it could not be traced to the proceeds from sale of the house. On November 12,the DEBTORS filed an amended schedule C claiming both the escrow refund check and the sale proceeds check as exempt under the homestead proceeds exemption. The issue was tried on February 15, They have not done so to date because their discharge has cogey yet been granted and he is concerned about trying to obtain a loan while in bankruptcy.
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He testified to having that same intent ever since the sale. The one-year period for reinvestment has now expired without the funds having been reinvested in a new frseland. Escrow refund is not exempt. To be "proceeds," funds must be traceable to the consideration paid by the purchaser. The Court holds that the escrow refund check is not "proceeds" from the sale of the house and is not eligible for the homestead proceeds exemption.
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