A Chapter 13 bankruptcy debtor may deduct the full IRS Standards vehicle allowance even though the actual payment may be less, per a decision by Bankruptcy Judge Laura Grandy in the Southern District of Illinois case of In re Scott, 10-32582 (August 8, 2011). When the Supreme Court ruled in Ransom v. FIA [...]
Andy Miofsky, Illinois Bankruptcy Attorney
Bankruptcy debtors should not reaffirm a mortgage. Reaffirmation of debt in bankruptcy prevents the debt from being discharged, a process explained in greater detail by Kevin Gipson in Chapter 7 Bankruptcy and the Reaffirmation Agreement. Yet, lawyers continue to debate whether to reaffirm a mortgage, without compelling argument on the affirmative side, even though state [...]
An individual same-sex married person who files bankruptcy faces a choice whether to include spousal income for purposes of determining how much unsecured creditors could receive from the bankruptcy case. This choice is not available to the heterosexual married debtor due to an intended consequence of Congressional legislation that requires the heterosexual married debtor include [...]
If you’re filing for bankruptcy, do you still have to pay back creditors? Depending on how your local court looks at it, that old car may save you $200 a month. When you file for bankruptcy, you’ve got to pay unsecured creditors an amount equal to the projected disposable income available to you during a [...]
Has your legal practice jumped on the QR Code bandwagon or has the QR Code jumped the shark? A QR Code, or “Q”, for short, is the latest greatest must-have high-tech business card you can wear on your sleeve, email, Gmail, even pony-express mail, and, yes you can tattoo it onto a body part. Think [...]
More is what banks want. More debit card fees, more profits. Banks also want less, less government safeguards protecting bank customers. Banks threaten to increase other fees if they do not get their way. Bank lobbyists sing a familiar song whenever they are faced with reform legislation. They repeat a chorus that reform will cost [...]
