Cite as: 503 U. S. 638 (1992)
Opinion of the Court
rejects Taylor's argument that, in order to discourage debtors from claiming meritless exemptions merely in hopes that no one will object, a court may invalidate an exemption after expiration of the 30-day period where the debtor did not have a good-faith or reasonably disputable basis for claiming it. To the extent that the various Code and Rules provisions aimed at penalizing debtors and their attorneys for improper conduct fail to limit bad-faith exemption claims, Congress, rather than this Court, may rewrite § 522(l) to include a good-faith requirement. Pp. 643-645. (c) Taylor's assertion that § 105(a) of the Code permits courts to disallow exemptions not claimed in good faith despite the absence of timely objections to such exemptions will not be considered by this Court, since that argument was first raised in Taylor's opening brief on the merits and was neither raised nor resolved in the lower courts. Pp. 645-646.
938 F. 2d 420, affirmed.
Thomas, J., delivered the opinion of the Court, in which Rehnquist, C. J., and White, Blackmun, O'Connor, Scalia, Kennedy, and Souter, JJ., joined. Stevens, J., filed a dissenting opinion, post, p. 646.
Timothy B. Dyk argued the cause for petitioner. With him on the briefs were Stephen J. Goodman, Peter M. Lieb, and Gary W. Short.
Phillip S. Simon argued the cause for respondents. With him on the brief was Kenneth P. Simon.*
Justice Thomas delivered the opinion of the Court.
Section 522(l) of the Bankruptcy Code requires a debtor to file a list of the property that the debtor claims as statutorily exempt from distribution to creditors. Federal Rule of Bankruptcy Procedure 4003 affords creditors and the bankruptcy trustee 30 days to object to claimed exemptions. We must decide in this case whether the trustee may contest the validity of an exemption after the 30-day period if the debtor had no colorable basis for claiming the exemption.
*Gary Klein and Daniel L. Haller filed a brief for the Mon Valley Unemployed Committee et al. as amici curiae urging affirmance.
639
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