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In re Jerome Dean Gebur

Bankr. No.: 
98-40153
Chapter: 
7
Date of Decision: 
March 19, 1999
Issue: 
Whether the debtor could declare a homestead interest in a lien on his former homestead that he received when divorced?
Ruling: 
No homestead exemption was allowed for the debtor's lien or the proceeds from that lien. He quit claimed away his interest in the home pre-petition. His lien on the home did not qualify as proceeds of a homestead sale under S.D.C.L. ch. 21-19 and he did not convert the lien into an actual new homestead within one year of receiving it. Instead, he used the value of the lien to offset child support payments he owed.
Full Bankruptcy Court Decision: