Exempt Property

Question 1

Four Unities of Joint Title

Answer 1

1. Title
2. Interest
3. Possession
4. Time > must arise at the same time

All must be true

Question 2

Severance of Joint Tenancy

Answer 2

BR interest vests in trustee > unity of time lost > automatic severance

Question 2

Joint Tenant & Trustee

Answer 2

Trustee cannot alienate their interest without dealinig with co-owner - payout

Question 3

Tenancy in Common

Answer 3

Trustee can request partition & sale
(McKenzie)

Question 4

Tenancy in Common Loophole

Answer 4

Possible for the co-owner to “wait out” the trustee if co-owner doesnt want to alienate, to allo the asset to return to the BR and Co-Owner

Question 4

Surplus Income

Answer 4

Individuals only
Exception to general rule that all property vests with trustee
Determined using yearly directive
All ongoing income between bankruptcy and discharge

Question 5

Calculating Surplus Income

Answer 5

Total family income - total family obligations = Available Monthly Income
AMI - Superintendents Standard Income = Unadjusted Surplus Income
USI x Bankrupt % of AMI (50%, 80%) = ÷ 2 Surplus Income

Question 6

Surplus Income Exemptions

Answer 6

• Gift
• Inheritance
• Windfall
  These auto-vest in trustee