Gayl v. Shader (In Re Shader)

MEMORANDUM OPINION AND ORDER

HELEN S. BALICE, Bankruptcy Judge.

Kenneth B. Shader (Ken) filed an individual Chapter 7 petition on April 3, 1987. An order for relief was entered May 26, 1987 against Shader China Doll, Inc. (SCD) on an involuntary petition filed May 1, 1987. Ken’s principal liabilities arose out of personal guarantees on debts incurred by SCD in which he owns all of the outstanding stock.

Jonathan Gayl (Gayl), Trustee in Ken’s case, filed an objection to his claimed exemptions. The objection alleged: 1) that the value of the personal property items exceeded the statutory limits…