Exemptions In Bankruptcy

01 Nov Protect Your Home in Bankruptcy, Not Just its Dollar Amount

You want toprotectall of your home, car, or other non-cashasset but exemptions arelimited to fixed dollar amounts. The Supreme Courtsays you can. Exemptions are stated in fixed dollar amounts. Protecting your home can bedifficultbecause it is hardto value. You do the best you can, but there's...

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12 Oct Tenancy by the Entireties May Protect Property in Bankruptcy if there is no Joint Debt

Tenancy by the entireties, in many states, is one of the most valuable ways for debtors to retain, or exempt, property in bankruptcy. Because entireties property can only be alienated (a fancy word for transferred or sold) by both spouses acting together, only joint creditors...

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06 Sep Lawyer’s Advice on “Exemption Planning” Not Protected by Attorney-Client Privilege, 8th Circuit Appeals Court Says

The U.S. Court of Appeals recently held that a bankruptcy attorney could be compelled to testify against his own clients in a case involving the conversion of nonexempt assets into exempt assets, a process commonly known as "exemption planning." This case, In re Grand Jury Proceedings, 609 F.3d 909 (8th Cir. July 1, 2010), involved both the assertion of the attorney-client privilege and the attorney work product privilege, in an FBIcriminal investigation into whether the debtors had committed bankruptcy fraud. The debtors G.S. and F.S. were Iowa residents who met with an experienced bankruptcy attorney, J.P., for the purpose of obtainingadvice about filing bankruptcy in 2001. (The parties are identified only by intials in the court's opinion due to grand jury secrecy rules.) At that time, G.S. and F.S. had substantial nonexempt assets which would have been subject to sale by the bankruptcy trustee to pay their creditors. These assets included household furnishings, jewelry, stock holdings, and $300,000 owed to them for the sale of a business, payable over the next seven years.
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