When I meet with a married couple that are considering a Chapter 7 bankruptcy, one major consideration that needs to be addressed is whether or not to file for both, or only one of the spouses. I practice in Louisiana. Louisiana is a community property state. This means that all the assets acquired after the [...]
exemption
A common question I get this time of year is whether the trustee will take the debtor’s tax refund if he files for bankruptcy. The answer depends upon many factors. The Trustee has a duty to administer non exempt assets if those assets are worthy of administration. For a tax refund to be worthy of administration 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 [...]
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.
In an article this week featured in Default Servicing, Carrie Bay reports that one in every four homes is upside down. Upside down means you have absolutely no equity in your home. For example the principal amount due and owing on the mortgage is $100,000 but the property value is only worth $90,000. In this [...]
You can keep property when you file bankruptcy in Chapter 7 in some situations, but usually always in Chapter 13 bankruptcy.
