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BAP reverses Nevada bankruptcy court's order on homestead exemption.

In In re Patrick Heath Caldwell, BAP No. NV-15-1074, the BAP reversed the Nevada bankruptcy court's disallowance of a homestead exemption based on the statutory cap of Bankruptcy Code Section 522(p)(1). The BAP found that although legal title to the property at issue had been transferred in and out of the debtor's name within 1215 days of the bankruptcy filing, the debtor had always retained at least an equitable interest in the property and retained all the indicia of ownership including paying the mortgage, taxes, and insurance. As such, the BAP found the debtor was never divested of all interests in the property and the BAP allowed the debtor's claimed homestead exemption in Nevada in the amount of $550,000.

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