Peake v. Ayobami

Case Type:
Case Status:
16-20589 (5th Circuit, Jan 03,2018) Published
A debtor claiming federal exemptions under 11 U.S.C. § 522 may exempt 100% of the value of his or her interest in the asset rather than the value of the asset itself. NOTE: this is a narrow holding, limited to the specific issue.
Procedural context:
The case was sent directly from the bankruptcy court to the Fifth Circuit under 28 U.S.C. § 158(d)(2) for the answer as to the scope of exemptions under 11 U.S.C. § 522. Because this opinion arises from a direct certification, the Fifth Circuit did not apply its holding to the debtor's Schedule C (see footnote 1 of the opinion).
Schedule C has a "check the box" option to exempt "100% of fair market value, up to any applicable statutory limit," of certain property. The debtor had made this election on 14 of her 17 exemptions, and identified clauses 1, 3, 4 and 5 of § 522(d) as the bases for her claimed exemptions. The district court allowed this if the debtor also listed a claimed amount, that was within the statutory limit, in the column captioned "Specific laws that allow exemption."

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