Foellmi v. Ries, No. 12-6003 (8th Cir. 2012)
Annotate this CaseDebtor appealed the bankruptcy court's order denying Debtor's claim of an exemption for limited partnership units that she received from her employer, Kwik Trip, Inc. The Eighth Circuit Court of Appeals reversed the decision of the bankruptcy court, holding that the Kwik Trip benefit plan was similar to the plans listed in Minn. Stat. 550.37, 24, and the right to payments thereunder were on account of Debtor's length of service at Kwik Trip. Therefore, the Court held Debtor may properly claim her interests in the limited partnership units distributed under the Kwik Trip employee benefit plan as exempt. Remanded to determine whether the amount of Debtor's interest in the partnership and benefit plan over the statutory limit was reasonably necessary for her support.
Court Description: Bankruptcy Appellate Panel. Limited partnership units debtor received from her employer under the Kwik Trip Benefit Plan were similar to the plans listed in Minn. Stat. Section 550.37, Subd. 24, and the right to payments thereunder are on account of debtor's length of service with the employer; as a result, the debtor may claim her interests in the limited partnership units as exempt; the case is remanded to the bankruptcy court to determine whether the amount of debtor's interest in the plan over the $66,000 statutory limit is reasonably necessary for her support. [ July 30, 2012
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