Bankruptcy Article #20
Hannigan v. White, 1st Circuit Court of Appeals Decided on June 2, 2005
The First Circuit held that the bankruptcy court was entitled to determine that a debtor, who intentional undervalued his property, could not later amend his homestead exemption to protect the actual value of the property, once that value was found by appraisal. The result of the decision is that substantial non-exempt equity in the real estate was available to creditors and the bankruptcy trustee.
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