Rodgers, Powers & Schwartz, LLP v. Minkina, No. 22-1624 (1st Cir. 2023)
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The First Circuit affirmed the order of the bankruptcy court rejecting the valuation method espoused in the Bankruptcy Appellate Panel's (BAP) decision in Snyder v. Rockland Tr. Co., 249 B.R. 40 (1st Cir. B.A.P. 2000), and concluding that Nataly Minkina could avoid a judicial lien under the formula set forth in 11 U.S.C. 522(f), holding that there was no error.
At issue was the propriety of the Snyder valuation method for a debtor's interest in property held as a Massachusetts tenant by the entirety for purposes of the lien avoidance formula of section 522(f). Minkina moved to avoid a judicial lien on the grounds that the lien impaired her homestead exemption pursuant to section 522(f). The bankruptcy court departed from the Snyder approach in granting Minkina's motion to avoid. The First Circuit affirmed, holding (1) the BAP's decision in Snyder both misapplied Massachusetts law and impermissibly deviated from the plain text of section 522; and (2) the bankruptcy court's analysis in this case was proper.
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