Winning While Losing in the Supreme Court – Schwab v. Reilly

From the blog, Credit Slips, Henry Sommer gives his view on Schwab v. Reilly.

This result should not present any problem for debtors represented by competent counsel, who should use the suggested language whenever there is any doubt about whether an exempted asset is within the amount of exemption allowed (assuming, of course, that there is a good faith argument the asset can be completely exempted.)  Some attorneys may want to include this language for every asset exempted. Unfortunately, as Bob suggested, pro se debtors such as Ms. Reilly are not likely to know they should do this. Amendments to Schedule C of Official Form 6 to provide an easy way to do this, perhaps with a box to be checked, would help standardize the process for all involved.