In re Greene

Jul

2006

Ruling

Debtor's homestead exemption was capped at $125,000 pursuant to section 522(p)(1).

Procedural posture

Debtor filed a chapter 7 bankruptcy petition, claiming a parcel of undeveloped land with a travel trailer as his homestead exemption under Nev. Rev. Stat. §§ 115.005(2) and 115.010. A creditor objected to the claim of exemption and argued that even if valid, the exempted amount had to be reduced to $125,000 pursuant to 11 U.S.C. § 522(p)(1) because the homestead was an interest acquired within 1,215 days of the petition.

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Court :

District of Nevada ( Judge Zive ) [ Bankruptcy Court ]

opinion summary, case decided on July 27, 2006 , LexisNexis #0806-110

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11 U.S.C.
- § 522
- § 522(p)

In re Kane

Jan

2006

Ruling

Bankruptcy court, in holding that section 522(p)'s cap on homestead exemptions applied to the debtors, interpreted section 522(p) to apply not only to those states where debtors elected between a federal or state exemption but also to those states where debtors were allowed only a state exemption.

Procedural posture

Bankruptcy debtors claimed a homestead exemption under Nev. Rev. Stat. §§ 21.090.1(l) and 115.010.2, but the bankruptcy trustee asserted that the claimed exemption exceeded the statutory exemption cap set out in 11 U.S.C. § 522(p). The trustee objected to the exemption.

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Court :

District of Nevada ( Judge Markell ) [ Bankruptcy Court ]

opinion summary, case decided on January 12, 2006 , LexisNexis #0206-059

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11 U.S.C.
- § 544
- § 544(b)

Lehtonen v. Time Warner Inc. (In re PurchasePro.com Inc.)

Jun

2005

Ruling

Trustee's complaint against stock transferee was not dismissed since cancellation of stock option and the immediate reissuance of an amended and restated stock option that resulted in economic harm to the debtor was a fraudulent transfer of an interest of the debtor.

Procedural posture

Plaintiff trustee of debtor's liquidating trust filed a complaint against defendant transferee under Nevada's version of the Uniform Fraudulent Transfer Act. The complaint also alleged that defendant was liable under Nevada corporate law for a failure to provide the full amount of the agreed-upon consideration required when defendant exercised its rights under the warrant. Defendant moved to dismiss.

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Court :

District of Nevada ( Judge Markell ) [ Bankruptcy Court ]

opinion summary, case decided on June 29, 2005 , LexisNexis #0106-121

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