[CLBS] If the trustee does not object ot a claim of exemption within 30 days after the 341 meeting isn't the property automatically deemed debtor's property to do what he will with it?

[Rocky Wixom]

Question:



Client filed a chapter 7 bankruptcy case and properly exempted a
vehicle worth under $7,000. Approximately 45 days after their 341
meeting, debtor was in an accident whereby the vehicle was totaled.
Insurance company has informed him he will receive a check for around
$6,000. Are these proceeds property of the bankruptcy estate? At this
point in time what is my obligation, if any, to inform the trustee?
Can I ethically advise my client to use the $6k to got get another
vehicle since they are driving a rental car they must return shortly.

If the trustee doesn't object to an exemption isn't the property
deemed to be the debtor's property thereby excluding as property of
the estate?


-- 
Rocky L. Wixom, Attorney at Law
(208) 542-5298

Wixom Law Office, Inc.
PO Box 51334
Idaho Falls, Idaho  83405

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