When social security benefits have already been received, but not yet spent on the date a bankruptcy case is filed, the funds cannot be claimed exempt under the federal bankruptcy exemptions, according to In re Carpenter, 2008 WL 4567128 (Bky.D.Minn. Oct. 14, 2008), a recent Minnesota bankruptcy court ruling.  This case held that bankruptcy code [...]

The U.S. Court of Appeals for the Eighth Circuit ruled in August 2008 that section 522(o) of the bankruptcy code allows pre-bankruptcy “exemption planning” in the manner as was allowed prior to the enactment of section 522(o).  This decision, In re Addison, 540 F.3d 805 (8th Cir. 2008), addressed, among other things, the effect of section [...]

BANKRUPTCY ESTATE: The sum total of the debtor’s legal and equitable interests as of the commencment of the case. This is the collection of assets and legal rights that a trustee administers for the benefit of creditors.  Upstate New York Bankruptcy Attorney Peter Orville discusses property of the bankruptcy estate.
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AVOIDANCE: The Bankruptcy Code permits the debtor to eliminate (avoid) some kinds of liens that interfere with an exemption the debtor has claimed. The trustee may also avoid a preferential transfer to a creditor made before the bankruptcy case was filed.
If you liked that post, then try these…Can The RFDCPA Apply To Proof Of Claims? [...]

Recently, a well-dressed, well-spoken person came to my office to discuss filing for bankruptcy.  A quick review of claims by creditors revealed several lawsuits and an assortment of credit card debt.  There were two mortgages and two car loans.  Even though both husband and wife were working, the total monthly income was barely enough to [...]

Until recently, it was unclear whether cash value in a life insurance policy was protected if a joint bankruptcy was filed in New York State.  Up until about a year or so ago, it wasn’t an issue.  The cash values of life insurance policies were seen as exempt as long as there was a beneficiary named [...]

One of the first questions most of my Chapter 13 bankruptcy clients ask is, “How much will I have to pay the Chapter 13 bankruptcy Trustee?”
The answer isn’t always simple. Generally speaking, there are four primary ways this payment is determined.
If you liked that post, then try these…The “Check is in the Mail” Case by [...]

In this series, I’ll consider the possibility of changing some of the provisions of BAPCPA, to eliminate some of the foolishness, and promote efficiency and economy in both the court and my practice. 
In Part One, I suggested eliminating the requirement for credit counseling when foreclosure is pending. Second on my wish list is a [...]

In consumer bankruptcy cases where the debtor has an unresolved personal injury claim, or no-fault insurance claim, arising from an automobile accident, don’t forget to utilize all available sections of the federal bankruptcy exemptions to protect the debtor’s right to compensation.  Sections 522(d)(10) and 522(d)(11) contain a veritable gold mine of exemptions which are often [...]

You have a claim against someone of an unknown amount, perhaps from a car accident.  What’s the best way to protect it?  The First Circuit Court of Appeals just gave us some guidance.
The case is called Barroso-Herrans v. Lugo-Mender (In re Barroso-Herrans), 2008 U.S.App. LEXIS 9729.  The debtor had pending lawsuits which were valued at $4,000 [...]