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Stat. 2553, 11 U.S.C. sec. 101(26) (Supp. II, 1978).11 In deter
11Sec. 101(26) of the 1978 Bankruptcy Reform Act provides:
(26) “insolvent” means--
(A) with reference to an entity other than a
partnership, financial condition such that the sum of
such entity’s debts is greater than all of such en-
tity’s property, at a fair valuation, exclusive of–-
(i) property transferred, concealed, or re-
moved with intent to hinder, delay, or defraud
such entity’s creditors; and
(ii) property that may be exempted from prop-
erty of the [bankruptcy] estate under section 522
of this title; * * *
1978 Bankruptcy Reform Act, sec. 101(26), 92 Stat. 2549, 11
U.S.C. sec. 101(26) (Supp. II, 1978). Although there have been
amendments to sec. 101(26) of title 11 as originally enacted that
were in effect for the year at issue, those amendments are not
material to a resolution of the issue presented here under sec.
108. See 11 U.S.C. sec. 101(32) (1994).
Sec. 522(b) of the 1978 Bankruptcy Reform Act, 92 Stat.
2586, 11 U.S.C. sec. 522(b) (Supp. II, 1978), which allows a
debtor in bankruptcy to exclude exempt title 11 property from
property of the debtor’s bankruptcy estate, provides:
(b) Notwithstanding section 541 of this title, an
individual debtor may exempt from property of the
[bankruptcy] estate either–-
(1) property that is specified under subsec-
tion (d) of this section, unless the State law
that is applicable to the debtor under paragraph
(2)(A) of this subsection specifically does not so
authorize; or, in the alternative,
(2)(A) any property that is exempt under
Federal law, other than subsection (d) of this
section, or State or local law that is applicable
on the date of the filing of the petition at the
place in which the debtor’s domicile has been
(continued...)
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