Schwab v. Reilly

Ruling: 
Chapter 7 trustee was not required to object to debtor chef's claimed exemptions in business equipment, valued in allowed range, in order to preserve the estate's right to retain any value in the equipment beyond the value of the exempt interest.
Procedural posture: 
Petitioner chapter 7 trustee moved to auction respondent debtor's business equipment, in which the debtor had claimed exemptions under 11 U.S.C.S. § 522(d)(5) and (6). The bankruptcy court denied the motion. A district court denied the trustee's request for relief, and the United States Court of Appeals for the Third Circuit affirmed. Certiorari was granted.
Issue: 
ABI Membership is required to access the full summary of Schwab v. Reilly. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on June 17,2010, LexisNexis #0610-117