A significant case rendering a challenge to asset protection against creditors is exemplified in the Richard A. Quaid, Appellant, v. Baybrook Home of Polk County, LLC et al, Appellee case in which the Bankruptcy Court rendered in favor of the creditor, and upon appeal, was reversed and remanded in favor of the Appellant Richard A. Quaid on November 15, 2011, and entered on November 16, 2011.
The spendthrift provision was allowed and protected Quaid from creditor’s claims.The original hearing found that $359,697.46 which was withdrawn from the tenants by entirety (TBE) account held at BB & T and transferred into the Tommie A. Quaid Trust (“Trust) was not exempt from the bankruptcy estate of Richard A. Quaid (“Quaid”). See Bankr. Docket No. 51. Thereafter, Quaid timely appealed the Bankruptcy’s Court’s Order. See Docket No. 1. The following sets forth the reasoning behind the reversal and remand of the Order by the Bankruptcy Court.
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