In re Spencer

*459 MEMORANDUM OPINION CONCERNING TRUSTEE’S OBJECTIONS TO DEBTORS’ CLAIMS OF EXEMPTION

I

This matter involves certain objections to the debtors’ claims of exemption, filed by the trustee herein, Mr. Philip J. Giacinti, Jr. The debtors first sought relief under the United States Bankruptcy Code (“Code”) on October 31, 1979. On August 25, 1980, the trustee filed his objections to the debtors’ claims of exemption. The matter then came on for hearing before this Court, at which time the Court took the matter under submission.

Having considered the arguments presented by both parties, the Court has decided to overrule the objections as presented by the trustee. This opinion is filed to explain that decision.

II

FACTS

The debtors initially chose to file their petition under Chapter 13 of , the Code. Their petition and plan, however, did not meet with the approval of the standing Chapter 13 trustee, and a series of objections, a motion to dismiss, and amended plans ensued. In their third amended Chapter 13 plan, the debtors claimed as exempt their equity interest in certain real property in which they reside, pursuant to Section 522(d)(1) of the Code. 11 U.S.C. § 522…