Bankruptcy exemptions
Bankruptcy Trustee's failure to object to claimed
exemption in full amount of property's estimated value barred him from
reaching it. By claiming a $10,718 exemption in business equipment, the exact same
amount that she had estimated this equipment to be worth, a Chapter 7
debtor sufficiently manifested her intent to claim the equipment as
fully exempt. Thus, the trustee, by failing to timely object to the
debtor's claimed exemption, lost the right to assert that the equipment
had any nonexempt value in excess of the $10,718 exemption claimed. The bankruptcy debtor was entitled to exempt the entire value of equipment, which was
not subject to administration by the trustee, even if that value
happened to be in excess of the amount estimated by the debtor.
