Boyd student Janine Lee recently co-authored an article for the July issue of the American Bankruptcy Institute Journal. The article - titled Proper Valuation of Property and Exemptions in Consumer Cases - was co-authored by Marc Stern of The Law Office of Marc Stern in Seattle.
The article reads, "One of the initial questions from most clients is, 'Can I keep my house, car, etc.?' The answer to that question, like most legal questions, is, 'It depends.' Disclosing property and claiming it as exempt is probably one of the most important obligations of the lawyer preparing to file a consumer bankruptcy case. Upon commencement of a bankruptcy case, nonexempt assets become property of the estate. Claiming the asset as exempt allows the debtor to either keep the asset itself or retain specific interests in the asset. It is critical to properly claim exemptions, which ensures that the property exits the bankruptcy with the debtor because it gives the debtor sufficient assets to obtain a fresh start."
