Assets And Property In Bankruptcy

05 Mar Truth or Consequences: The Department of Justice in Bankruptcy Court (updated for 2016)

As our readers may recall, over the years, the members of this network have reported on various celebrity bankruptcy filings and the need for absolute truth in a debtor's pleadings. Carmen Dellutri posted about Stephen Baldwin back in 2009. Kevin Gipson posted about celebrities and bankruptcy. Dana Wilkinson posted...

Read More

31 Jan Chapter 13 Debtor’s Lawsuit Tossed Out for Failure to List It in Bankruptcy Documents

The doctrine of judicial estoppel reared its ugly head again, preventing a chapter 13 debtor from suing his former employer for racial discrimination.  The U.S. Court of Appeals, Eighth Circuit, ruled that a chapter 13 debtor should have amended his bankruptcy documents to list the...

Read More

18 Jan Liar, Liar, Pants On Fire!

[caption id="attachment_46024" align="alignleft" width="300"]Liar, Liar pants on fire! Failure to list assets may make you a liar, liar, pants on fire![/caption] What is an asset and better still, why do I need to tell anyone about it in bankruptcy?  Let's start with the definition of an asset.  Merriam-Webster defines an asset as something owned by a person.  Merriam-Webster has provided a simple but most excellent way to describe the term "asset". To determine if something is an asset, ask yourself, "Do I own it?"  If the answer is yes, you MUST list "it".  Please allow me to illustrate.  A dog lives with you, do you list it?  If you feed the dog and care for the dog, you probably own the dog.  So list it.  If the dog is not an AKC registered dog or does not qualify as a show dog, then the value is $0.  I know, I know, the dog is part of the family and priceless, but no one else is going to pay a significant amount of money for the dog.  Therefore, the trustee will not want the dog, but you have complied with your duty to list the dog as an asset.
Read More

19 Jun Another Appeals Court Approves 2nd Mortgage Stripping in Chapter 20 Cases

The U.S. Court of Appeals, Eleventh Circuit, ruled that in a chapter 13 case filed within four years of a previous chapter 7 case (a so-called "chapter 20"), the chapter 13 plan could strip a completely unsecured junior mortgage. Wells Fargo Bank v. Scantling, No....

Read More