Every chapter 7 or chapter 13 bankruptcy filing involves a creditors meeting which occurs about one month after the case is filed. This meeting can unexpectedly become the perfect storm where, if enough of the wrong factors jell together, the debtor may blurt out the “forbidden reason” for spending down his or her bank accounts before [...]
Exemptions In Bankruptcy
In bankruptcy, an Individual Retirement Account (IRA) is usually protected from creditors. But a controversy has been brewing over protection for an IRA when it is inherited from another person. This should not be controversial and the 8th Circuit‘s Bankruptcy Appellate Panel (BAP) doesn’t think it’s that complicated either. When you establish an IRA, you [...]
An individual filing for bankruptcy protection may have an asset in the form of compensation not yet received for work done before the filing. It can be wages, sales commissions, or accounts receivable for a self-employed filer. It can even be work in progress but not yet billed. The items are really the same thing: Compensation which [...]
Upsetting a common understanding of an incomprehensible statute, a Massachusetts bankruptcy judge ruled that a home owned by a trust may be protected by a homestead. The February 23, 2010 In re Rodrigues decision (Bankr.D.Mass., Case No. 09-11960-JNF) (Feeney, J.) contradicted the strict construction ruling of the state’s intermediary appellate court’s 1995 Spinelli decision and instead applied [...]
Most people who file bankruptcy can keep everything they own. When filing bankruptcy, a Virginia resident is entitled to keep certain property as exempt from the trustee and creditors. The major Virginia exemptions include: • Up to $5000 in household goods and furnishings. • Up to $1000 in wearing apparel. • Up to $2000 in equity in [...]
If you have a medical malpractice claim when you file a bankruptcy case, you must disclose it in your bankruptcy papers. Tell your bankruptcy lawyer everything.
