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Abstract:
Copley v. United States involved a question at the intersection of tax law and bankruptcy law: can a debtor invoke bankruptcy exemption rules to shield an anticipated income tax refund from offset by the Internal Revenue Service? When the Fourth Circuit Court of Appeals was presented with this question of first impression — a question that has divided bankruptcy courts in recent years — it held that the IRS right of offset prevails over the debtors’ right of exemption.
Summary:Daniel Colton fell delinquent on his mortgage with Bank of America in 2009 and began considering filing bankruptcy, but instead sought to refinance or obtain a loan modification. That process stretch for several years, during which time Bank of America entered into the National Mortgage Settlement. Bank of America then in 2012, despite previous indications that it was willing to refinance the mortgage, declined to do so. Mr. Colton again indicated that he intended to declare bankruptcy. Bank of America encouraged Mr.