In re Wallace

Ruling: 
Debtors could not avoid liens as impairing homestead exemption they had not formally claimed.
Procedural posture: 
Pursuant to 11 U.S.C.S. § 552(f)(1), the debtors filed a motion to avoid judicial liens on mortgaged real property for which the debtors had no equity and had not formally claimed a homestead exemption on Schedule C. The trustee objected to the debtor's request.
Issue: 
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Consumer case opionion summary, case decided on May 12,2011, LexisNexis #0611-051