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In re Smith

640 F.2d 888 (1981)

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In re Smith

United States Court of Appeals for the Seventh Circuit
640 F.2d 888 (1981)

Facts

Phillip Smith (debtor) was in Chapter 7 bankruptcy. Smith owned a cause of action for violation of the Truth in Lending Act (TLA). Smith and the bankruptcy trustee agreed that under Bankruptcy Code (code) § 541, Smith’s TLA cause of action was part of Smith’s bankruptcy estate. However, Smith contended that code § 522(d)(5), which provided for a general exemption for “any property” below a specified monetary threshold, entitled him to recover his TLA claim. The trustee responded that § 522(d)(5)’s reference to “any property” was limited to the kinds of property that § 522 mentioned elsewhere, like household goods and motor vehicles.

Rule of Law

Issue

Holding and Reasoning (Swygert, J.)

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