On Friday, June 26, 2009, Governor Ted Kulongski signed HB 2306, which provides increased protection for a debtor to protect his vehicle and his home from creditors.   Formerly, a debtor could protect $2150 in value of a motor vehicle.   The bill amends Oregon Revised Statute 18.345(d) motor vehicle exemption value up to $3000.    Oregon has [...]

Your homestead exemption is one of the most important benefits you get when you file for bankruptcy.  It protects your residence.  In New York, you can protect up to $50,000 of equity in your home, $100,000 if you file together with your spouse.
You usually get to take the homestead exemption if the property is [...]

As my friend and colleague, Cathy Moran explained in her blog over a year ago, the benefits of filing a bankruptcy mean that the debtor provides information to the bankruptcy court in the papers filed with the court.
This benefits the debtor more than the Court–this honesty.  For full disclosure, the debtor is able to rid [...]

Since July 1, 2007, Connecticut has recognized a $3,500.00 exemption in automobiles. Many websites out there (including some maintained by Connecticut lawyers) miss the fact that the exemption amount increased from $1,500.00 to $3,500.00 mearly two years ago.
An exemption in an automobile (or truck) is calculated by taking the market value of the vehicle and [...]

People are often worried about whether they can keep their car in bankruptcy. This makes sense because in places without pervasive public transportation people need cars to get to work, take their kids to school, etc. There are a few key points about cars to remember.
1. In a Chapter 13 case you never [...]

Using revocable living trusts to avoid probate has become more popular recently.  But the impact of such trusts in bankruptcy makes some relatively simple cases much more complex - especially in states that recognize tenancy by the entirety.
A tenancy by the entirety (TBE) is an ancient way of owning property between a married couple.  In [...]

Here in Massachusetts, most people can keep their entire tax refund in bankruptcy. It is important to note that one never loses property in a Chapter 13 case. This is the case because Chapter 13 is a reorganization chapter while Chapter 7 is the chapter that requires the liquidation of non-exempt property.
In a [...]

In states that haven’t opted out of the federal exemptions, such as Massachusetts, there exists something referred to as the “wild card” exemption. This is a very useful exemption and what allows most bankruptcy debtors to keep all their property. Section 522(d) of the Bankruptcy Code states, in relevant part:
The following property may [...]

My clients lately are so down on themselves that they insist on worrying that the bankruptcy trustee will strip them of everything, their home, their car, their consulting practice.  Not so, I repeat, and repeat.
FIrst of all, the bankruptcy trustee is only interested in assets that have net equity.  So, the trustee is not going [...]

It’s possible to protect college funds (529 Plans; Educational IRAs) when filing bankruptcy.  Complicated, but possible.  Bankruptcy law looks at the timing of the contributions and not the current balance.  Here are the rules:
1.  Contributions made earlier than 720 days before a bankruptcy case is filed are fully protected.
2.  Contributions later than 720 days but [...]