Walters v. Bank of the West (In re Walters)
- Citation:
- Case No. 10-6075 (B.A.P. 8th Cir. June 2, 2011)
- Tag(s):
-
- Ruling:
- Under Iowa's homestead law, a residence is not exempt as to a debt that preceded acquisition of the property, unless and only to the extent, it was acquired with with the proceeds of a previous residence that was exempt as to that creditor. Here, the debtor failed to meet the burden of producing evidence to overcome creditor's objection to debtor's Iowa state homestead law, because the creditor's debt predated the acquisition of the subject residence and the debtor failed to prove that the residence was acquired with proceeds of an exempt homestead owned by the debtor prior to incurring the debt.
- Procedural context:
- Appeal of order denying debtor's homestead exemption claim.
- Facts:
- Debtor and her husband owned previous properties over the years, which they would renovate and sell. They incurred a debt that was reduced to judgment prior to acquiring the property the debtor claimed as exempt at the time of filing of the bankruptcy petition. The creditor met its burden of proof in its objection to the homestead claim and the debtor then failed to meet the burden of production to rebut that objection where the debtor failed to show that the current residence was acquired with the proceeds of a previously residence that was exempt property.
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