You want to protect all of your home, car, or other non-cash asset but exemptions are limited to fixed dollar amounts.  The Supreme Court says you can. Exemptions are stated in fixed dollar amounts. Protecting your home can be difficult because it is hard to value. You do the best you can, but there’s always some risk that a trustee will get a [...]
assets
The bankruptcy trustee can sell assets you no longer own under his avoiding powers for the benefit of creditors. What, you say? If it isn’t mine, what rights do my creditors have in those assets? It all depends on how you parted with property as to whether bankruptcy law allows the trustee to recover the [...]
Back in the 1970′s there was a margarine sold under the brand name Chiffon. (Or so I’ve been told. The ’70′s were a little before my time). According to the commercials, the margarine tasted so much like butter that it fooled Mother Nature. (Ok, I was around for the ’70′s, but I just don’t remember that much about [...]
Chapter 7 trustees are paid the small sum of $60 for administering each case. The real money a trustee makes is from finding and selling assets, and no asset is more favored than cash. According to the statutory formula, in addition to the paltry fee of $60 per case, Chapter 7 trustees are paid a [...]
It is unlikely that someone will come out to your house to do an inspection when you file a Chapter 7 bankruptcy. There are only two practical reasons that the bankruptcy court would have a reason to send someone to inspect your property.
Part 3 of my review examines Kevin Trudeau’s book, “Debt Cures “They” Don’t Want You to Know”, Chapter 5: Negotiate! The purpose of the review is to examine whether Trudeau, who has had extensive involvement with credit card fraud and the Federal Trade Commission for some of his previous books, makes any sense in this [...]
