Contact: John Hartgen
703-739-0800
POLL
RESPONDENTS NEARLY SPLIT OVER THE ESTATE PROPERTY STATUS OF PROCEEDS OF
POST-CONFIRMATION LOTTERY WINNINGS
March 2, 2007,
a recent American Bankruptcy Institute online poll were nearly divided
over the question of whether the proceeds from a winning lottery ticket
purchased with post-confirmation earnings in a chapter 13 case are
considered property of the chapter 13 estate. Forty-six percent of
respondents disagreed that the lottery winnings should not be considered
apart of the chapter 13 estate, as 38 percent “strongly
disagreed” and 8 percent “disagreed somewhat.”
Forty-one percent of
respondents agreed, however, that the proceeds of a winning lottery
ticket purchased with post-confirmation earnings in a chapter 13 case
were not the property of the chapter 13 estate. Thirty-three percent of
respondents “strongly agreed” and 8 percent “agreed
somewhat” that the lottery winnings should not be considered part
of the chapter 13 estate even though the winning lottery ticket was
purchased with post-confirmation earnings. Nine percent did not know or
had no opinion.
ABI members and the public were
welcome to submit their response to the statement: “
face='Times New Roman' color='black' size='3'>The proceeds of a winning
lottery ticket purchased with post-confirmation earnings in a chapter 13
case are not property of the chapter 13
estate.” The ABI Quick Poll was open for
voting from Feb. 16 - 22.
ABI’s weekly Quick Poll
is posted on ABI’s home page,
href='http://www.abiworld.org/'>www.abiworld.org. ABI members and
the public are invited to respond to a question on a timely bankruptcy
or insolvency issue. Visit
href='http://www.abiworld.net/quickpoll/'>
color='#0000ff' size='3'>http://www.abiworld.net/quickpoll/
to access the results of previous ABI Quick Polls.
###
ABI is the largest
multi-disciplinary, nonpartisan organization dedicated to research and
education on matters related to insolvency. ABI was founded in 1982 to
provide Congress and the public with unbiased analysis of bankruptcy
issues. The ABI membership includes more than 11,000 attorneys,
accountants, bankers, judges, professors, lenders, turnaround
specialists and other bankruptcy professionals, providing a forum for
the exchange of ideas and information. For additional information on
ABI, visit www.abiworld.org. For additional conference information,
visit
href='http://www.abiworld.org/conferences.html'>
size='3'>http://www.abiworld.org/conferences.html.