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 [...]
Exemptions In Bankruptcy
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.
If you are planning on filing for bankruptcy soon after moving out of your marital residence, there are some potentially serious issues to consider. While filing for bankruptcy soon after separating from your spouse and leaving your home is entirely permissible, you should be sure you are fully aware of the consequences, particularly if you have equity in your [...]
Tax refunds are property of your bankruptcy estate. There are two times of the year this can be especially problematic. During Tax Season During tax refund season–the first four months or so of the year–you may be entitled to a tax refund. If you are getting a refund, you want to be able to keep [...]
Cash and bank accounts (checking, savings, CDs) are property of your bankruptcy estate. You must provide your bankruptcy attorney with exact bank balances as of the date of your bankruptcy filing for all bank accounts. You can obtain this information over the Internet by logging into your account or by calling the bank. Knowing these [...]
