If you are thinking about bankruptcy and own a home or any other real estate, you should make sure you understand what exemptions are and how they affect what property you can keep. When you file bankruptcy, you must list all of your assets. They will either be listed as “exempt” or “non-exempt”. The bankruptcy…Read more
What is the Wildcard Exemption in Bankruptcy?
The Wildcard Exemption May Protect Property That Isn’t Covered By Other Exemptions If you research bankruptcy, you know that when you file, your assets will either be classified as “exempt” or “non-exempt”. Exempt property cannot be sold or otherwise liquidated and distributed to your creditors. Conversely, the bankruptcy trustee will be on the lookout for…Read more
At The Bankruptcy Meeting of Creditors, What You Say Can Be Held Against You
I was at a meeting of creditors the other day watching an exchange between the trustee and debtors. Apparently, the debtors had listed some tools on their petition and were claiming a “tools of the trade” exemption. They believed that these tools were protected from the trustee, and he couldn’t sell them to give the…Read more
What is a Judicial Lien in Bankruptcy?
Section 101(36) of the Bankruptcy Code defines the term “judicial lien” as a lien “obtained by judgment, levy, sequestration, or other legal or equitable process or proceeding.” Both Chapter 7 and Chapter 13 bankruptcy can remove judicial liens that have been placed on your home by creditors “to the extent that it impairs an exemption”…Read more
Will Bankruptcy After a Short Sale Stop My Bank From Suing Me?
More and more, homeowners are looking for ways to get out from under mortgages that are secured by homes that are worth far less than they owe to the bank. Some are simply walking away from their homes and letting the banks foreclose. Others are trying to sell their home by short sale. Whether you…Read more
8th Circuit Bankruptcy Appellate Panel Decision – In re: Johnson
When a confirmed Chapter 13 plan is modified to reduce payments under 11 U.S.C. Sec. 1329(a) due to substantial change in financial circumstances, the modification must correlate to the changes in circumstance; where debtors lost $1,240 in wages and salary, they could not reduce their monthly payment from $1,890 to $100, and the bankruptcy court…Read more
7th Circuit Court of Appeals Bankruptcy Decision – In re: Resource Technology Corporation
This appeal presents a novel issue: the priority of a claim against the debtor’s estate in a Chapter 7 bankruptcy for damages arising from a tort committed by the debtor during the interval between the appointment of the trustee in bankruptcy and the liquidation a few months later of the bankrupt’s assets that had been…Read more
Should I File Bankruptcy After a Short Sale Of My Home?
It shouldn’t surprise you to learn that many of the people I help have had lenders foreclose on their homes. Some of them have simply walked away from the mortgage, a calculated decision to stop paying their mortgage because they owe so much more than their home is worth. Others have gotten their lenders to…Read more
The Best Thing You Can Do After You File Bankruptcy
Once my client’s case is closed by the bankruptcy court, I hope I never see him again. The primary purpose of bankruptcy is to provide a fresh financial start, and my hope for all of my clients is that they take advantage of this new start. That requires work on their part, and the one…Read more
Should I File Bankruptcy After Christmas?
Bankruptcy attorneys’ phones don’t ring as much around this time of the year. I don’t have any hard and fast data to back me up, but I can think of a few reasons why people wait until the beginning of the new year to file their bankruptcy petition. First, they’re worried they’ll lose their tax…Read more
- « Previous Page
- 1
- …
- 25
- 26
- 27
- 28
- 29
- …
- 71
- Next Page »
