The Eighth Circuit ruled this week that certain types of car loans are protected from “cramdown”  in the Chapter 13 bankruptcy process, reversing decisions in Eastern Missouri.
Agreeing with its sister circuits which have addressed this issue, the Midwestern federal circuit court of appeals concluded that loans made during the 910-day period prior to a bankruptcy [...]

Whether to allow a debtor to claim a deduction on the bankruptcy means test for the ownership expense of a car if there is no debt on it is quickly being resolved by the courts.
Today, the Eighth Circuit Court of Appeals concluded that the deduction would be allowed.  The circuit court joins with the Fifth [...]

When someone files bankruptcy they are normally required to appear at a hearing and testify about their case.  The hearings is called a “Meeting of Creditors” or a 341 Meeting.
Some people are afraid to get bankruptcy help because they don’t want to go to this hearing, or they’re afraid of having to testify in public.  [...]

One of the most common questions for bankruptcy lawyers is how late can you be in paying a Chapter 13 bankruptcy plan.
The simple answer really is that there’s no grace period.  The Bankruptcy code requires that payments begin no later than 30-days after the case is filed and that they continue to be made every [...]

Bankruptcy lawyers hear from potential clients fairly regularly that they need to file quickly because they don’t want their future wife or husband to be held responsible for their debt problem.
In most cases, their fears are misplaced.  The marriage, by itself, usually will not make the new spouse responsible for your past debts.  There are [...]

Banks have been cutting credit card limits for consumers for several months now.  But consumers shouldn’t feel picked on.   It turns out the banks are cutting credit for businesses in a big way, too.
Large businesses do not finance their operations on a credit card.  Not really.  But they usually do have the large-scale equivalents of [...]

Iowa bankruptcy courts have been split for a decade over a simple question:  Can a consumer exempt a motor vehicle under state law and strip a non-purchase money lien on the car as a tool of trade under bankruptcy law.  That split was resolved in favor of consumers by the 8th Circuit Bankruptcy Appellate Panel [...]

A credit default swap is a kind of insurance.  It’s also like a ticket for a bet on a horse race — a bet on which horse will lose.
A CDS is a simple idea.  In its most basic, safe form, it’s a way to hedge the risk of a loan failing.   If a bank loans [...]

Credit card banks have been scrambling to raise capital and cut credit lines for consumers across the country lately.  So imagine my surprise to discover at least one bank still wants me to carry balances?
Here’s the deal that came in the mail last week:  My bank is offering a promotional 4.99% rate until January on [...]

If you have a commercial lease in bankruptcy, it pays to reject it quickly according to the Eighth Circuit Bankruptcy Appellate Panel.
When a business or individual with a lease on commercial real estate, like a store or (in this case) farmland, files bankruptcy, the debtor or trustee has the right to assume or reject the [...]