Listing Websites about Bankruptcy Exclusion Vs Exemption

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Exclusions and Exemptions | ABI

(3 days ago) Exemptions can only be applied to the equity in the exempt property. They do not protect against liens— i.e., only where the property has equity (value in excess of encumbrances) is an exemption of any benefit in bankruptcy. Exemptions may be applied only to the interest of the debtor in the property.

https://www.abi.org/abi-journal/exclusions-and-exemptions

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Tell Them Apart: Exempt and Exclude - Bankruptcy Mastery

(2 months ago) New and not so new bankruptcy lawyers muddle the difference between “exempt” and “exclude“. . It makes a world of difference. You have to make the call when listing property of the bankruptcy estate, usually various kinds of retirement assets. All of the debtor’s assets and legal rights come into the estate.

https://www.bankruptcymastery.com/tell-them-apart-exempt-and-exclude/

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Exempt vs. Non-exempt Property Under Chapter 7 - FindLaw

(2 days ago) Bankruptcy law allows debtors to keep a certain amount of property after going through bankruptcy proceedings. This is called "exempt" property - it is exempt from the bankruptcy estate. Property that cannot be exempted is, appropriately, called "non-exempt" property.

https://www.findlaw.com/bankruptcy/chapter-7/exempt-vs-non-exempt-property-under-chapter-7.html

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The Federal Bankruptcy Exemptions | Nolo

(2 days ago) Bankruptcy Exemptions Protect Property Each state has a set of bankruptcy exemptions that a bankruptcy filer can use to protect assets in bankruptcy. Federal law also has a set of federal bankruptcy exemptions. Exemptions protect property in both Chapter 7 and Chapter 13.

https://www.nolo.com/legal-encyclopedia/federal-bankruptcy-exemptions-property.html

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Exemptions vs. Exclusions: What is the difference? – FOI ...

(2 days ago) Exclusions work by removing certain classes of records entirely from the FIPPA/MFIPPA regime; in other words, if an exclusion applies to a record, the record is “not covered” by FIPPA or MFIPPA. This is different from an exemption, which serves as a basis for not disclosing a record that is covered by FIPPA or MFIPPA.

https://foiassist.ca/2018/12/05/exemptions-vs-exclusions-what-is-the-difference/

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Bankruptcy Exemptions-Bankruptcy Exemptions by State and ...

(3 days ago) The various bankruptcy exemptions, and their associated statutes, are very complex and vary a great deal from state to state. Further research is required, and checking with an attorney is strongly recommended prior to any action. (Note: These amounts are based on an exemption for a single person, and some amounts may double if you are married

http://bankruptcystrategy.com/bankruptcy-exemptions/

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State and Federal Bankruptcy Exemptions in Chapter 7 ...

(2 days ago) Bankruptcy exemptions are an important part of the bankruptcy system. In Chapter 7 bankruptcy, exemptions determine what property you get to keep, whether it be your home, car, pension, personal belongings, or other property. If the property is exempt, you can keep it during and after bankruptcy.

https://www.thebankruptcysite.org/bankruptcy-exemptions

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11 U.S. Code § 522 - Exemptions | U.S. Code | US Law | LII ...

(1 days ago) It permits an individual debtor in a bankruptcy case a choice between exemption systems. The debtor may choose the Federal exemptions prescribed in subsection (d), or he may choose the exemptions to which he is entitled under other Federal law and the law of the State of his domicile. If the debtor chooses the latter, some of the items that may ...

https://www.law.cornell.edu/uscode/text/11/522

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Bankruptcy in Minnesota - Minnesota exemptions

(4 days ago) The Minnesota bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Minnesota. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy.

http://www.minnesotabankruptcy.info/exemptions.html

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Bankruptcy in Michigan - Michigan exemptions

(2 days ago) The Michigan bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Michigan. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy.

http://www.michiganbankruptcy.com/exemptions.html

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Michigan Bankruptcy Exemptions | TheBankruptcySite.org

(2 days ago) List and verify your exemptions. You must claim an exemption by listing it in the official bankruptcy forms. You might qualify for exemptions not included in this article, or be required to meet qualification requirements. Consulting with a local bankruptcy attorney is the best way to ensure that you’re protecting your assets. Legal citations.

https://www.thebankruptcysite.org/exemptions/michigan.html

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Secret Bankruptcy Exemptions Let You Keep More Than You Expect

(6 days ago) Exemptions in bankruptcy are all about what you keep. Exemptions define the collection of assets and rights that are safe from the reach of a bankruptcy trustee or your creditors.. But planning exemptions in a bankruptcy case is more than just the looking down the list of things you keep through bankruptcy and the dollar amount that is protected.. Jay Fleichman suggested that if the value of ...

https://www.bankruptcysoapbox.com/secret-bankruptcy-exemptions/

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Bankruptcy in New Jersey - New Jersey exemptions

(5 days ago) The New Jersey bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in New Jersey. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy.

http://www.newjerseybankruptcy.info/exemptions.html

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Exemptions Under Chapter 7 Bankruptcy Law | Justia

(2 days ago) Exemptions are different in each state, but you likely can apply exemptions to a home, a car, clothing, furnishings, and some income, among other assets. Applying Exemptions in Chapter 7 In a Chapter 7 bankruptcy, the trustee takes control of the property in the debtor’s bankruptcy estate.

https://www.justia.com/bankruptcy/exemptions/chapter-7-exemptions/

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Bankruptcy Tax Guide :: Exclusions :: Justia

(1 months ago) Order of exclusions. If the cancellation of debt occurs in a title 11 bankruptcy case, the bankruptcy exclusion takes precedence over the insolvency, qualified farm debt, or qualified real property business indebtedness exclusions.

https://www.justia.com/bankruptcy/docs/bankruptcy-tax-guide/exclusions/

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Keeping Property Using Bankruptcy Exemptions: You Don't ...

(2 days ago) The bankruptcy trustee—the person responsible for finding funds to pay your bills—holds the property on behalf of your creditors. Bankruptcy law allows you to “exempt,” or take out of the bankruptcy estate, the things you need to maintain a home and job, such as household furnishings, clothing, and an inexpensive car.

https://www.lawyers.com/legal-info/bankruptcy/bankruptcy-basics/bankruptcy-exemptions-you-dont-lose-everything.html

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Bankruptcy in Pennsylvania - Pennsylvania exemptions

(3 days ago) Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted. To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property. When you file bankruptcy in Pennsylvania you may also use certain federal exemptions in addition to your Pennsylvania ...

http://www.pennsylvania-bankruptcy.com/exemptions.html

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Publication 908 (02/2020), Bankruptcy Tax Guide | Internal ...

(2 days ago) Order of exclusions. If the cancellation of debt occurs in a title 11 bankruptcy case, the bankruptcy exclusion takes precedence over the insolvency exclusion. To the extent that the taxpayer is insolvent, the insolvency exclusion takes precedence over qualified farm debt or qualified real property business indebtedness exclusions.

https://www.irs.gov/publications/p908

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Washington Bankruptcy Exemptions 2021 - Upsolve

(6 days ago) That depends on which property exemptions you can use on your bankruptcy forms. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken. In most cases, exemptions protect most day-to-day items that you own, unless you have expensive property like a house or a car.

https://upsolve.org/wa/exemptions/

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Bankruptcy Exemptions (What You Keep)

(5 days ago) The property exempt form seizure, in a bankruptcy, is set by the provinces and territories. Bankruptcy exemptions refer to the equity in the property that is exempt from seizure in a bankruptcy or any other seizure situation.

https://bankruptcycanada.com/bankruptcy-exemptions/

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Bankruptcy Exemptions | Nolo

(3 days ago) Bankruptcy exemptions play a big role in both Chapter 7 and Chapter 13 bankruptcy. The Federal Bankruptcy Exemptions Some states allow you to use the federal bankruptcy exemptions rather than your state's exemptions. Find out if you can use the federal exemptions and what property is protected.

https://www.nolo.com/legal-encyclopedia/bankruptcy-exemptions

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Bankruptcy and the Insured versus Insured Exclusion ...

(7 days ago) Bankruptcy and the Insured versus Insured Exclusion Robert Suomala examines litigation surrounding the insured versus insured exclusion in D&O policies and claims by a trustee, receiver, or other official of an insured corporation in bankruptcy. Robert L. Suomala, deceased Professional, D&O, and Fiduciary Liability

https://www.irmi.com/articles/expert-commentary/bankruptcy-and-the-insured-versus-insured-exclusion

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Who Is Exempt From Taking the Bankruptcy Means Test?

(1 months ago) You may also be exempt from taking the means test if you are a member of the National Guard or a military reservist who was called to active duty before filing bankruptcy. Allowable Income Exclusions If you must take the bankruptcy means test before filing Chapter 7 bankruptcy, you will need to provide information about your various sources of ...

https://www.clarkandwashington.com/blog/who-is-exempt-from-taking-the-bankruptcy-means-test/

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Bankruptcy in South Carolina - South Carolina exemptions

(4 days ago) The South Carolina bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in South Carolina. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file ...

http://www.southcarolinabankruptcy.com/exemptions.html

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Bankruptcy Exemptions: Completing Schedule C Overview

(2 days ago) Bankruptcy exemptions are complicated. Although you don't have to hire an attorney to represent you when you file a bankruptcy case, one of the most important reasons you might pay for legal assistance is choosing and filing your exemption list. If you get it wrong, the consequences can range from uncomfortable to devastating.

https://www.thebalance.com/bankruptcy-exemptions-schedule-c-316211

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What are the Colorado bankruptcy exemptions? - Upsolve

(5 days ago) In a Nutshell. While the U.S. Bankruptcy Code operates in basically the same way throughout the country, there is one important exception: States have the ability to choose whether their residents can use the federal bankruptcy exemptions or have to use the exemptions available under state law even in a bankruptcy.

https://upsolve.org/learn/co-exemptions/

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Publication 4681 (2019), Canceled Debts, Foreclosures ...

(2 days ago) You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. If you can exclude part or all of the canceled debt from income, you also should read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1.

https://www.irs.gov/publications/p4681

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Chapter 13 Bankruptcy Exemptions | LegalAdvice.com

(3 months ago) Bankruptcy exemptions allow individuals to keep their assets safe in bankruptcy. If an asset is exempt, a trustee cannot take the asset and sell it to pay an individual’s creditors. Exemptions protect all different types of property such as cars, money, bank accounts, real estate, furniture, tools, etc.

https://bankruptcy-law.legaladvice.com/chapter-13-bankruptcy-exemptions/

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Texas Bankruptcy Exemptions - [2021] Ch 7, Ch13 - Exempt ...

(2 days ago) The Texas bankruptcy exemptions include: Texas Exempt Property Homestead Exemption. In Texas, the homestead exemption is unlimited for a residence that does not exceed 10 acres in town, city or village or 100 acres in the country (for families this doubles to 200 acres). If you sell your house, the sale proceeds are exempt for 6 months after ...

https://www.bankruptcyattorneyhouston.us/texas-bankruptcy-exemptions/

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Homestead Exemption: What Is It & Who Qualifies ...

(2 days ago) Homestead exemptions may also refer to laws that protect you from losing your home during bankruptcy Some states’ homestead exemptions ensure a surviving spouse an allowance The homestead exemption is a legal provision that can help minimize property tax, protect a home from bankruptcy, or provide certain rights to surviving spouses.

https://www.policygenius.com/retirement/homestead-exemption/

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Bankruptcy in Connecticut - Connecticut exemptions

(7 days ago) The Connecticut bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Connecticut. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy.

http://www.connecticutbankruptcylaw.com/exemptions.html

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Chapter 7 Bankruptcy in Arkansas: Exemptions and Court ...

(6 days ago) Example: Jason files for Chapter 7 bankruptcy in Arkansas on June 1, 2017. He moved to Arkansas from Colorado, where he had lived his whole life, on January 1, 2017. Venue is proper in Arkansas, but the court will apply Colorado’s bankruptcy exemptions to Jason’s case. Arkansas vs. Federal Exemptions

https://www.natlbankruptcy.com/arkansas-bankruptcy-exemptions/

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What is a Homestead Exemption and How Does It Work ...

(2 days ago) The U.S. government has established formal bankruptcy exemption amount of $23,675 or $47,350 for married couples who file jointly. That exemption range is changed on a regular basis by the government.

https://www.thestreet.com/personal-finance/taxes/what-is-a-homestead-exemption

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Exemptions That Protect Your Property in Bankruptcy- Sawin ...

(2 months ago) What are Bankruptcy Exemptions? During Chapter 7 bankruptcy, your assets – especially those tied to debts, like a home or a car can be sold to repay your creditors something. However, exemptions allow you to hold on to some or all of these assets, so you can retain your quality of life while going through bankruptcy.

https://www.sawinlaw.com/blog/bankruptcy-exemptions/

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Chapter 7 Bankruptcy in Texas: Exemptions and Court ...

(2 days ago) The exemption laws change from time to time, so be sure to meet with an attorney to review your case in detail. See also: Exemptions: What Can I Keep if I File Bankruptcy? Texas vs. Federal Exemptions The top 5 exemptions under Texas law compared to federal law.

https://www.natlbankruptcy.com/chapter-7-bankruptcy/

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Bankruptcy Information | Bankruptcy Exemptions | How to ...

(6 days ago) The part of bankruptcy law that tells us what you can keep while using bankruptcy to get rid of debts are the bankruptcy exemption laws that apply in your case. Exemptions are a strange part of bankruptcy law in that different rules apply depending on where you file your case.

https://bankruptcylawnetwork.com/how-bankruptcy-exemptions-work/

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State and Federal Exemptions in a Chapter 7 Bankruptcy

(6 days ago) §5205 - New York bankruptcy exemptions have been recently updated (12/27/2010): Debtors can keep 1 cellphone and 1 computer; the automobile exemption has been increased from $2,400 to $4,000 or $10,000 for a disabled debtor. However, the auto exemption will not apply if the creditor is a municipality, such as may occur for unpaid traffic fines ...

https://thismatter.com/money/credit/bankruptcy/chapter-7/exemptions.htm

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Bankruptcy Exemptions: What Can I Keep? Exemptions ...

(1 months ago) Bankruptcy Exemptions Specific to Your Filing. No matter what happens, you need to make a detailed list to inventory your property and exemptions. If you are filing Chapter 7, this will help you get the bigger picture on what property you will be able to retain, and what property could possibly end up in the hands of your trustee for sale. ...

https://wantafreshstart.com/bankruptcy-exemptions-can-keep-exemptions-determine-keep-becomes-capital-debt-payment/

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Texas Homestead Exemption: Bankruptcy Filing Laws ...

(5 days ago) Bankruptcy exemptions protect the equity in your property from your creditors and the court. Equity is the value of the property after subtracting any liens against the property from the market value of the property. For instance, to determine the equity in your home, you subtract your mortgage and other liens from the amount you would receive ...

https://www.leinartlaw.com/blog/texas-homestead-exemption/

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The Bankruptcy Abuse Prevention and Consumer Protection ...

(2 days ago) Exemption, Exclusion, and State vs. Federal Choices When an individual (a debtor) files for bankruptcy relief, federal law dictates that most of the debtor’s property be included in the bankruptcy estate.

https://www2.ascensus.com/news/2005/04/22/the-bankruptcy-abuse-prevention-and-consumer-protection-act-of-2005/

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Property and Exemptions in Bankruptcy | AllLaw

(5 days ago) Other states might allow filers to exempt a sizeable amount of equity in a home or offer a significant wildcard exemption —an exemption you can use toward any property of your choice. A federal exemption set exists, too, so check whether your state gives residents the option to use the federal scheme instead of the state set.

https://www.alllaw.com/resources/bankruptcy/property-and-exemptions

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Means Test Exclusion: What "primarily consumer debt" means ...

(12 days ago) This is free. It is offered to the public "as is" as an adjunct to the Nolo books, How to File Chapter 7 Bankruptcy, and Chapter 13 Bankruptcy: Keep Your Property and Repay Your Debts Over Time (10th Edition, 2010): which I co-author with attorney Stephen Elias. This database is updated as time permits.

https://www.legalconsumer.com/bankruptcy/bankruptcy-case.php?TopicID=55

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Which set of bankruptcy exemptions can I use ...

(5 months ago) The bankruptcy exemptions determine whether or not your property is protected (exempt) and if not exempt, how much you might have to pay to creditors in order to keep it. For example, if your household goods are valued at a total of $8,000 and the applicable exemption is $10,000, you would be able to keep (protect) all household goods.

https://www.mississippiconsumerhelp.com/which-set-of-bankruptcy-exemptions-can-i-use/

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Exemptions | Definition of Exemptions by Merriam-Webster

(2 days ago) Exemption definition is - the act of exempting or state of being exempt : immunity. How to use exemption in a sentence.

https://www.merriam-webster.com/dictionary/exemptions

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50 STATE INHERITED IRA CHART State Bankruptcy Non ...

(2 days ago) Clark held that an inherited IRA is not exempt under the federal bankruptcy exemption for “retirement funds” under 522(b)(3)(c). Thus a debtor using the federal exemptions in bankruptcy cannot protect an inherited IRA from creditors. “Opt Out” means the state allows a debtor in bankruptcy to use state exemptions.

https://www.actec.org/assets/1/6/50_STATE_INHERITED_IRA_CHART.pdf

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Bankruptcy Exemptions, 50 State Homestead Exemption Laws ...

(3 days ago) State and Federal Bankruptcy Exemptions for people filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy — all free and specific to your zip code from LegalConsumer.com. All Exemption Laws are listed with citations to relevant State or Federal Exemption laws. Live links to state and federal statutes are supplied wherever possible.

https://www.legalconsumer.com/bankruptcy/bankruptcy-law.php

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What is a Bankruptcy Exemption?

(4 months ago) The United States Bankruptcy Code permits states to provide their own set of exemptions to debtors or to allow debtors to use the exemptions contained in section 522(d) of the Bankruptcy Code. Some states, including the Commonwealth of Pennsylvania , allow debtors to select between the federal exemption scheme and the exemptions provided under ...

https://www.robletolaw.com/what-is-a-bankruptcy-exemption/

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How 401(k) Bankruptcy Exemption Can Be Lost | Blank Rome LLP

(2 days ago) The Bankruptcy Code contains a number of exemptions that an individual who has filed for bankruptcy can use to exclude property from the individual’s bankruptcy estate and shelter the property from the individual’s creditors. One of those exemptions is for funds held in a retirement plan that is qualified under Internal Revenue Code Section 401.[1]

https://www.blankrome.com/publications/how-401k-bankruptcy-exemption-can-be-lost

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II. The Insured Versus Insured Exclusion - law.emory.edu

(12 days ago) The bankruptcy exclusion stated as follows: (1) In the event that a bankruptcy or equivalent proceeding is commenced by or against the Company, no coverage will be available under the Policy for any Claim brought by or on behalf of: (a) the bankruptcy estate or the Company in its capacity as a Debtor in Possession; or (b) any trustee, examiner ...

https://law.emory.edu/ebdj/content/volume-36/issue-1/comments/insured-exclusion-bankruptcy-indian-harbor.html

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