Statute/Rule References:
Wis. Stat. § 409.306 -- Proceeds
Key Terms:
Security Interests - Proceeds
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Statute/Rule References:
Wis. Stat. § 409.306 -- Proceeds
Key Terms:
Security Interests - Proceeds
Statute/Rule References:
11 U.S.C. § 507(a)(7) -- Priority of Claims - Governmental Units
Key Terms:
Claims
Statute/Rule References:
11 U.S.C. § 523(a) -- Nondischargeability - Divorce Decrees
Key Terms:
Divorce Decrees - Maintenance or Property Division
Statute/Rule References:
11 U.S.C. § 553 -- Setoff
Key Terms:
Setoff
Statute/Rule References:
Fed. R. Bankr. P. 9006 -- Time
Key Terms:
Claims - Bar Date
Case Summary:
Bankruptcy court found that federal tax lien does not attach to items claimed exempt by debtor under 26 U.S.C. § 6334(a). Exemption statutes are to be liberally construed in favor of debtors. Enumerated items in § 6334(a) are not only exempt from levy, but from reach of federal tax lien as well. 26 U.S.C. § 6331(b) defines "levy" as "the power of distraint and seizure by any means." District court reversed the bankruptcy court ruling and remanded for further proceedings. The Seventh Circuit affirmed the district court’s decision, concluding that the tax lien did indeed attach to exempt property.
Statue/Rule References:
11 U.S.C. § 522(c) -- Exemptions - As Against Federal Tax Liens
28 U.S.C. § 6331(b) -- IRS Levy
28 U.S.C. § 6334(a) -- Exemptions From Federal Tax Liens
Key Terms:
Exemptions
Taxes -- Liens
Case Summary:
Debtor's motion to appoint W.J. Baumann Associates, Ltd. as its accountant during the pendency of its chapter 11 case is granted. Fact that accounting firm was a prepetition creditor of debtor in the amount of $1,504.44 does not preclude it from employment by debtor on the basis of "disinterested" requirement of 11 U.S.C. § 327(a). Courts should examine such applications on a case-by-case basis. Here, the prepetition claim was very small -- comprising 6.25% of the total unsecured debt in the estate, the only objecting party was the U.S. Trustee, the creditors' committee supported the debtor's motion, and statutory purpose behind "disinterested" requirement is not hindered by this result in this case.
Statue/Rule References:
11 U.S.C. § 327(a) -- Employment of Professionals
11 U.S.C. § 1107(b) -- Professionals - "Disinterested" Requirement
Key Terms:
"Disinterested" Requirement – Professionals
Professionals -- Employment Of
Case Summary:
Debtor who purchased $1110.71 worth of Barbie doll items within forty days of her bankruptcy filing successfully rebutted presumption of fraudulent intent under 11 U.S.C. § 523(a)(2)(C) -- the "luxury goods" exception. Purchases were Christmas gifts for debtor's daughter; debtor's bankruptcy filing was done on advice of counsel and precipitated by ex-husband's filing; and debtor intended to pay for items in installments. This was not a case of "loading up" in anticipation of filing bankruptcy -- the type of activity which § 523(a)(2)(C) was intended to prevent. Citing J.C. Penney Co. v. Leaird (In re Leaird), 106 B.R. 177 (Bankr. W.D. Wis. 1989).
Statue/Rule References:
11 U.S.C. § 523(a)(2)(C) -- Nondischargeability - Luxury Goods
Key Terms:
Luxury Goods