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July 27, 2010
A (Brief) history of New York exemptions, Part I
July 06, 2010
Bankruptcy exemption expansion passes New York legislature, awaits Governor's signature
June 29, 2010
Bankruptcy Exemption may expand in NY - an historical perspective
June 21, 2010
Retroactive application of Increased homestead exemption; Part II: Calloway and Nguyen
June 21, 2010
Bad Faith Chapter 13 plan: case filed 10 days after property transferred: Johnson
NDNY: Class-action claim was pre-petition asset
Posted by: Peter Scribner
February 22, 2010
Topic: Notes on Bankruptcy Cases outside WDNY
The issue in this case was whether a class-action settlement was a prepetition or postpetition asset. The debtor filed bankruptcy August 6, 2004, seven months after he started taking the drug Vioxx. Two months later he had a heart attack. The bankruptcy case was originally closed as a no-asset case, but was reopened with a trusty found out about a class-action settlement in Vioxx disputes. The most significant case on this issue was a Supreme Court decision Segal v. Rochelle, 382 U.S. 375, 380 (1966), which looked to what extent was the claim “rooted in the prebankruptcy past”. The debtor’s position was that the heart attack was postpetition; the trustee noted that a majority of the time the debtor is used to the drug was pre-petition. The court sided with the trustee as 7/10th of the time. The debtor took the drug was prepetition.
