New York’s 25-year-old statute governing exemptions from asset seizures during federal bankruptcy proceedings is constitutional, a federal bankruptcy court judge has ruled.
Judge Stephen D. Gerling, chief judge for the U.S. Bankruptcy Court for the Northern District of New York, decided that the statute does not violate the bankruptcy, supremacy or taking clauses of the U.S. Constitution, as an Ithaca, N.Y.-based credit union had argued in separate cases. The judge issued one ruling to cover the two matters: In re: Sherry Lynn Brown, 06-30199, and In re: Michael Gloss, 06-30872.
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