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William H. White, Ch. 7, BK12-41855-TLS (Apr. 15, 2013)

The court previously ruled that traceable insurance proceeds for the fire loss of the debtor’s home were exempt under the homestead exemption. The debtor then used the proceeds to purchase non-homestead tangible property. The court ruled that the proceeds lost their exempt status upon their use for something other than buying a new homestead or repairing the damaged homestead.

Monday, April 15, 2013