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In re Curtis Arlen Nessan

Bankr. No.: 
Date of Decision: 
April 7, 2011
Whether the debtor could consider an asset fully exempt from property of the estate, and thus retain its possession, if he valued the item at $1 on schedule B and claimed that $1 value exempt on schedule C?
The debtor only claimed $1 of the item's total value exempt. Thus, the trustee only needed to pay the debtor $1 for the item, and the debtor had to turn over the item to the trustee to liquidate. The item's value in excess of $1 remained property of the estate.
Audio File: 
Appeal Summary: 
The U.S. District Court, the Hon. Roberto A. Lange, affirmed the Bankruptcy Court’s decision and the Eighth Circuit Court of Appeals affirmed the District Court’s decision.
Full Bankruptcy Appellate Panel/District Court Appeal Opinion: 
Full Eighth Circuit Court of Appeals Opinion: