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Property of the Estate

Jennifer McLemore discusses the importance of Section 541 of the U.S. Bankruptcy Code, which defines property of the estate. He explains that creditors seek to liquidate assets for recovery, while debtors aim to protect their property. The section includes all legal and equitable title interests of the debtor, with subsections detailing specific inclusions and exclusions. Exclusions cover certain fiduciary relationships, educational licenses, and specific funds. McLemore also addresses post-petition earnings, the role of trustees in asset turnover and abandonment, and the impact of state law on asset valuation and exemptions. He emphasizes the nuanced litigation surrounding these issues.

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Keywords:

property of the estate, section 541, bankruptcy code, creditors, debtors, secured creditors, trustees, chapter 7, chapter 11, chapter 13, exemptions, automatic stay, turnover powers, abandonment, valuation, post-petition earnings

Duration:

34 minutes 21 seconds

Jennifer M. McLemore is a partner in the Financial Services & Real Estate Section at Williams Mullen in Richmond, Va., where she advises commercial creditors, business creditors, banks and credit unions in bankruptcy and bankruptcy litigation matters. She frequently represents clients in matters involving debtor-in-possession financing arrangements and asset-identification and recovery matters. She also represents clients in bankruptcy litigation situations involving avoidance actions, claim-objection disputes and discharge/dischargeability claims. Ms. McLemore has handled bankruptcy cases for numerous clients, including business owners, corporate entities and contract counterparties; commercial and retail landlords; banks and other lenders; unsecured creditors’ committees, chapter 7 and 11 trustees, and debtors, and she serves as a subchapter V trustee in Virginia. She is listed in The Best Lawyers in America for Bankruptcy & Creditor/Debtor Rights/Insolvency & Reorganization Law (2013-present) and in Virginia Super Lawyers for Bankruptcy Law (2014-present), and has been named among Virginia’s “Legal Elite” by Virginia Business for Bankruptcy/Creditors’ Rights (2011-2017). Ms. McLemore is a past chair of the International Women’s Insolvency & Restructuring Confederation (IWIRC). She founded IWIRC’s Virginia network in 2006, and in 2012, she received the IWIRC’s Melnik Award, which is awarded to a member who has made an exceptional contribution to IWIRC, either through efforts over the past year or for the culmination of efforts over a period of years. Ms. McLemore serves on ABI’s Board of Directors and co-chairs ABI’s Southeastern Bankruptcy Workshop Advisory Board. In addition, she was a member of Leadership Metro Richmond’s Class of 2016 and is a sustainer for the Junior League of Richmond. Ms. McLemore received her B.A. cum laude from Miami University (Oxford, Ohio) and her J.D. from the University of Richmond School of Law.

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