Exemptions In Bankruptcy

The scariest part of filing bankruptcy is losing property that one should not have lost. It doesn’t happen often or to many people, but everyone needs to know how to protect property. Everyone who files bankruptcy gets to exempt a certain amount of stuff, but not everyone gets to use the same exemptions. Debtors must […]

In Florida, your home is truly your castle.  We have Florida constitutional homestead equity protection in an unlimited amount.  This means that you can file bankruptcy with a two million dollar home (or more) with no mortgage and claim it as exempt, but this doctrine is subject to exceptions when a debtor files for bankruptcy […]

Your house – the place where you have lived in the past and plan to live in again – may not be your residence when you file a bankruptcy petition. Does it matter? In several ways it might matter a great deal. It may be that when you filed your bankruptcy petition you listed your […]

As tax season approaches, it’s a good time to talk about how (or whether) bankruptcy will affect your tax refund.  A previous post dealt with how Chapter 7 might affect your tax refund; now let’s talk about how you tax refund will be treated in, and will affect, your Chapter 13 bankruptcy. Unlike a Chapter […]

After you file a bankruptcy case, you are required to attend a meeting of creditors.  This is scheduled for about a month after your petition is filed, and is usually the only appearance you will need to make during the bankruptcy process. Should you be nervous about it? Probably not, especially if your bankruptcy lawyer […]

Federal Bankruptcy Insurance Exemption

by Nicholas Ortiz, Boston Bankruptcy Attorney

September 23, 2012

There are two main federal bankruptcy exemptions for “unmatured” insurance contracts, 11 U.S.C. § 522(d)(7) and (d)(8): (7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract. (8) The debtor’s aggregate interest, not to exceed in value $11,525 less any amount of property of the estate transferred in […]