Debtors filing for bankruptcy protection should be concerned about their right to receive an inheritance within the six months after filing for bankruptcy (if some relative has died before filing bankruptcy or the relative dies within 180 days of the debtor’s filing), as the bankruptcy trustee can take that inheritance to pay creditors.

People are often surprised to learn that even if they don’t file for bankruptcy, their property may be protected (exempt) under their state’s exemption laws.   Debtors have to be careful to follow the rules required to protect themselves from their creditors and timely file forms to claim protected property, but if they do there may [...]

I recently blogged the question “Is it possible to lose my homestead exemption in bankruptcy court?”    This is an important question because people who file bankruptcy want to be sure that their homes will be safe.   
That question has now been clearly answered in the Northern District of New York.   Bankruptcy Court Judge Diane [...]

Most people want simple, clear, answers to a few simple questions about bankruptcy.  Sometimes the answer depends on your circumstances.  Most bankruptcy lawyers, however, turn the tables and ask a whole lot of questions before answering the client’s questions.
Because every case is different, it’s dangerous to generalize without some factual background.  While it is no [...]

One of the most common fears that people considering bankruptcy have is whether or not they will lose their retirement if they file for bankruptcy.
Like all legal questions, the answer to the question of whether or not a debtor will lose their retirement benefits if they file for bankruptcy is that they will probably not [...]

I am often asked, “Can I transfer my car or my house to my relatives before I file bankruptcy?” The answer is very simple, NO.
It is a lot worse when clients come into my office and they have already transferred an asset (often because of bad advice.)  I often have to tell people you can’t [...]

Many debtors are surprised to learn that income to the bankruptcy court doesn’t just include taxable income. Income can be defined different ways depending on which section of the bankruptcy code is involved.

Is your Certificate of Deposit protected if you file a bankruptcy case? Maybe.  What else do you have, and are you using the federal or a state’s list of exemptions (protected assets)?
The federal list has special protected values for special assets, not including cd’s.  It also has a wild card exemption, which you can apply [...]

Transferring property to your children to avoid probate can cause big problems if a child files bankruptcy or is otherwise unable to pay his debts.
There I was at the Ripley’s “Believe it or Not” museum in Myrtle Beach, South Carolina, when I came across a display of humorous tombstones.  The one pictured above says, “If any [...]

There are protected amounts for assets when one files bankruptcy, but that does not mean that a trustee will automatically seize and sell an asset having a value slightly over the protected amount.
Much depends on the region you file, the particular pressures on a trustee from Washington when you file, the type of asset, the [...]