|
The federal process is form driven when seeking a Chapter 7
discharge. An integral aspect of Chapter 7 property retention relies on
the legal requirements for claiming Oregon bankruptcy exemptions. State
law determines value, yet federal law determines the appraisal process,
so the amalgamated result for debtors potentially includes conflict of
laws in application. In practice however, trustee are highly efficient
in their appraisal process, and are intensely familiar with legal
restrictions, practicable appraisals, and the assignment of the burden
of proof when contesting and/or objecting to alleged value in a debtor's
schedules and forms.
As a result, only property that represents a bona fide value for
potential distribution of property for the benefit of listed creditors
is pursued with regularity. Other nominal value items, even though
potentially fungible, are rarely of interest to trustees because of the
inefficiency in collection, valuation, auction restrictions, and the
reporting requirements under federal law.
See also: Oregon Homestead Exemption.
|
