Ainslie v. Grablowsky (In Re Grablowsky)

MEMORANDUM OPINION

DOUGLAS 0. TICE, Jr., Bankruptcy Judge.

These contested matters raise the issue of whether a chapter 7 debtor’s claims of exemption for assets in the amount of $1.00 each, to which no timely objection is taken, constitutes a complete exemption of the assets despite their actual value in excess of $1.00.

The issue must be resolved by the court in the context of plaintiffs’ motions for relief from stay to allow the plaintiffs to purchase debtor’s partnership interests in two partnerships from the chapter 7 trustee. In his bankruptcy petition debtor claimed his partnership…