Alsberg
Alsberg v. Robertson (In re Alsberg)
Opinion
Lead Opinion
Beezer, J.
Debtor Terry Alsberg, dba Alsberg Brothers Boatworks, (“Alsberg”) appeals the Bankruptcy Appellate Panel’s (“the BAP”) decision that Alsberg is entitled only to the $45,000 homestead exemption allowed under California law from proceeds from the sale of his residence. Alsberg argued to the BAP that he was additionally entitled to the value of post-bankruptcy-petition appreciation in the value of his residence. The BAP held that such appreciation accrued to the bankruptcy estate.
The BAP had jurisdiction pursuant to 28 U.S.C. § 158 (b), and we have jurisdiction pursuant to 28 U.S.C. §§ 158 (c) and (d). We affirm.
I
Alsberg filed for Chapter 11 bankruptcy on May 29, 1987. At that time he owned and occupied a residence in Santa Cruz, California (“the residence”). As determined by the bankruptcy court and the BAP, the residence was worth $259,000 at the time of filing. At the time of filing, the residence was encumbered by a promissory note secured by a deed of trust for $225,125 (“the mortgage”) and tax liens totalling approximately $86,-000. 1 Under the versions of 11 U.S.C. § 522 (b)(2)(A) and California Code of Civil Procedure § 704.730(a)(2) in effect at the time of filing,…