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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND IN RE: VIRGINIA MARY GIBSON Debtor MICHAEL G. WOLFF : v. : VIRGINIA MARY GIBSON : MEMORANDUM OPINION This case is before the court on appeal from the order of Bankruptcy Judge Duncan W. Keir, overruling Trustee's Objection to the Debtor's Amended Scheduled Exemptions. Oral argument is : : : Civil Action No. DKC 2003-2462

deemed unnecessary because the facts and legal arguments are adequately presented in the briefs and record, and the

decisional process would not be significantly aided by oral argument. See Bankr. Rule 8012. For the reasons that follow,

the court will affirm the bankruptcy court's order overruling the Trustee's objection. I. Background The following facts are undisputed. On April 11, 2003,

Debtor/Appellee Virginia Mary Gibson filed a voluntary petition for relief under Chapter 13 of the United States Bankruptcy Code. to Eight days later, Appellee voluntarily converted her case 7. Prior to filing for bankruptcy protection,

Chapter

Appellee

made

contributions

to

an

employee

401(k)

plan

or

similar tax deferred retirement program through her employment. On March 31, 2003, Appellee withdrew $29,000 under circumstances in which she could legally roll over the money to an Individual Retirement Account ("IRA") within 60 days. The funds were

deposited directly from the retirement plan into an account the Appellee held at the FRB Federal Credit Union. As part of her bankruptcy case, Appellee's credit union account was listed on an Amended Schedule B with a market value of approximately $25,000. Appellee also filed an Amended

Schedule C in which she sought to exempt from the estate the funds withdrawn from her retirement account. The exemption

amounts were: $20,000 under 11-504(h); $2,500 under 11-504(f); and $3,000 under 11-504(b)(5). The Trustee objected to

Appellee's claimed exemption of $20,000 under

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