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Snapshot Rule Tag

Alford Law > Posts tagged "Snapshot Rule"

Are the post-petition sales proceeds from my Homestead exempt in bankruptcy?

Surprisingly, the Fifth Circuit Court of Appeals recently ruled that the proceeds from the sale of a Debtor’s homestead lose their exempt character if not reinvested within six-months — even when the sale takes place post-petition! In the Matter of Mark Allen Frost, ___ F.3d ___ (5th Cir. March 5, 2014) (Case No. 12-50811), the Court expanded on its prior decision in Matter of Zibman, 268 F.3d 298 (5th Cir. 2001). In Frost, the Debtor filed for bankruptcy and exempted his homestead elected to protect the property using the exemptions provided under the Texas Property Code. Subsequently, Debtor sold his homestead...

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