Assets And Property In Bankruptcy

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.
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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....

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22 May Minnesota Property Tax Refunds Not Exempt in Bankruptcy, Appeals Court Says

Reversing the Minnesota bankruptcy court, an intermediate federal appeals court ruled that a property tax refund owed to a bankrupt homeowner cannot be claimed exempt.Manty v. Johnson (In re Johnson), No. 13-6050 (8th Cir. BAP April 22, 2014). The appeals court said that the bankruptcy court...

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02 Dec Chapter 13 Bankruptcy And Home Owners Associations

abandoned homeIn Florida, home owners associations (HOAs) can be a blessing for some and a problem for others. When you add a Chapter 13 bankruptcy into the mix, the HOA can become a legal nightmare. According to the recent case of In Re Rosa, the chapter 13 plan and the confirmation order could change the relationship between the two. Imagine that you retired, purchased a beautiful home in a gated community in order to live the stress free life. The HOA now takes care of the lawn, cable, pest control, etc. Well, life changes or the economy changes or you have medical bills or there is a loss of job and you are forced to file bankruptcy. You have to make a choice: either keep the home and the HOA or let it go and deal with the HOA. If you file a chapter 13 bankruptcy petition and schedules, you also have to file your plan of reorganization. Your chapter 13 plan must tell the secured creditor exactly how you are going to deal with their collateral. Well, if you are going to keep the home, it really isn't a problem because you are still obligated to pay the HOA. If your Chapter 13 plan states that you are going to surrender the collateral back to the mortgage holder, that is good news to the secured creditors, but what about the ongoing HOA obligation? In other words, is the chapter 13 debtor still obligated to pay the ongoing HOA dues even though he or she has expressed their intention to surrender the property.
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29 Nov After-Acquired Property in Chapter 13: Whether to Amend the Schedules is No Longer in Doubt

Debate has long raged over the question whether property acquired by a chapter 13 debtor after the initial case filing must be listed in the bankruptcy papers by amending them. Two recent appeals court cases appear to have made clear that amendment of the bankruptcy...

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