October 2007

31 Oct Will My Bankruptcy Trustee Take My Burial Plot and Funeral Plan in Kansas?

Burial plots and funeral plans are exempt from attachment by creditors under Kansas state law, which prevents seizure by your trustee in bankruptcy if you claim Kansas exemptions. These are assets often overlooked when preparing your list of property. It is important that you list your burial plot and funeral plan (and all your property) in your bankruptcy schedules A and B and then claim the exemptions you are allowed on Schedule C. Once the deadline to object to exemptions passes without objection by the trustee or a creditor, the burial plot and funeral plan (and your other exempt property) will be removed from the bankruptcy estate and abandoned by the trustee back to you.
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31 Oct Car Ownership Expenses On Means Test When No Car Is Owned

Courts are split about evenly as to whether an over-the-median bankruptcy debtor can take an ownership expense deduction on the means test if they own a car but do not have a car loan or lease on it. Could a debtor borrow money to purchase a car shortly before filing bankruptcy, give the lender a lien on the car, and agree to make monthly payments on the car? Sure, it happens all the time. In that situation, the debtor will be able to take the full ownership expense allowance on their means test. This might make the difference in determining whether they can file a chapter 7 petition, or can greatly reduce their required monthly payments if they are filing a chapter 13
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