High Court Examines Bankruptcy Exemption Valuations

Law360, New York (November 3, 2009, 7:30 PM EST) -- The U.S. Supreme Court heard oral arguments Monday on whether a bankrupt debtor can hold on to property claimed as exempt that may be worth more than originally estimated and, if so, whether a trustee is then required to object to the properly claimed exemption to dispute the value of the exempted assets.

The case requires the court to interpret its 1992 ruling in Taylor v. Freeland & Kronz, which held that a bankruptcy trustee cannot dispute the value of an asset the debtor wants to...
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