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 of both spouses can attach it to satisfy their debts, [...]
Exemptions In Bankruptcy
Many Chapter 7 bankruptcy debtors worry that they will loose all their belonging, including their “valuable collectibles”. Depending on how you look at it, many debtors turn out to be lucky because they get to keep their collections. That is because most collectibles have little resale value and fall within the allowed exemptions in bankruptcy. [...]
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 [...]
When you file bankruptcy, you claim “exemptions” in property you wish to keep free of any claims of the bankruptcy trustee. And the “homestead” exemption–the exemption used to protect your home–is the most important exemption for many debtors. But what if your home is the movable kind? And I’m not just talking about mobile homes [...]
The United States House of Representatives passed H.R. 5827 which allows gunowners to exempt up to $3,000.00 in value in firearms. A comparable version is pending in the Senate now. This is big news right? Not really. First, putting aside the fact that the Senate must pass this legislation and the president must sign it, [...]
Yes, you read that right, and it says what you think it says, just list the things you want to keep in your bankruptcy. That’s what a bankruptcy lawyer should advise each and every client. Because the bankruptcy law, and every bankruptcy judge who has ever been asked, says the same thing: intentional failure to [...]
