Date archive for May, 2009
Will I lose My Home If I File for Bankruptcy?
by John O'Connor on 5/29/09 | 0 Comment(s)
One of the primary reasons people file for Chapter 13 bankruptcy protection is to catch up on mortgage arrearages and to stop foreclosure. However, issues concerning debtor’s homes arise in the Chapter 7 context as well. For example, each state’s exemption laws allow a certain amount of home equity to be protected through the bankruptcy process. [...]
Chrysler, Possible GM Bankruptcies Bring Chapter 11 to the Forefront – Part 3 of 4
by Drew Broaddus on 5/29/09 | 0 Comment(s)
As I have discussed here the last two weeks, the current problems facing the automotive industry have, in recent weeks, led to increased media discussion of Chapter 11 of the Bankruptcy Code. This has, in turn, led many – including some lawyers – to ask: What is Chapter 11? Last week I discussed some [...]
Can a Creditor or Trustee Object to an Exemption?
by Jeff Herrick on 5/27/09 | 1 Comment(s)
The short answer is yes. The bankruptcy code provides a list of exemptions that allow a debtor to protect certain property from being included in the bankruptcy estate. The code also has a provision that allows a creditor or trustee to object to an exemption that they believe is improperly claimed. The objection must be [...]
Income Taxes cannot be included in Bankruptcy, right?
by John C. Colwell on 5/25/09 | 0 Comment(s)
Wrong. Back income taxes are a debt owing and are automatically included upon the filing of the bankruptcy petition. This is so, as the IRS routinely scours the bankruptcy records based upon the social security number when the case is filed. Note, as a result of the filing, all prior negotiated payment plans with the [...]
Debts Incurred Through Drunk Driving Are Not Dischargeable In Bankruptcy
by John O'Connor on 5/25/09 | 1 Comment(s)
As a result of increased public outrage at the toll that drunk driving is taking on American highways, Congress specifically excludes debts incurred while driving under the influence of alcohol from the bankruptcy discharge (see Bankruptcy Code 523(a)(9). The rule applies to chapter 7 and chapter 13 bankruptcy cases. The exception to discharge includes unlawful [...]
Chrysler, Possible GM Bankruptcies Bring Chapter 11 to the Forefront – Part 2 of 4
by Drew Broaddus on 5/22/09 | 0 Comment(s)
As I discussed last week, the current problems facing the automotive industry have, in recent weeks, led to increased media discussion of Chapter 11 of the Bankruptcy Code. This has, in turn, led many – including some lawyers – to ask: What is Chapter 11? Last week I outlined some basic concepts relevant to [...]
Is A Non-Filing Spouse’s Income Included In The Determination of Bankruptcy Qualification?
by Jeff Herrick on 5/20/09 | 0 Comment(s)
If a married person files for bankruptcy and does not include his/her spouse in the filing, the income earned by the nonfiling spouse must be included in the means test calculation. According to the bankruptcy code the spouse’s income must be accounted for to the extent that the nonfiling spouse contributes on a regular basis [...]
When is a Person Eligible to File for Bankruptcy?
by Richard O'Connor on 5/19/09 | 0 Comment(s)
Chapter 7 and Chapter 13 bankruptcies have different requirements for filing. If a person wishes to be eligible for a Chapter 7 procedure, they must either have a residence or domicile in the United States. They may also be eligible if they have a place of business or own property which is in the United [...]
Granting of Discharge In Bankruptcy
by John O'Connor on 5/19/09 | 0 Comment(s)
Discharge of debts is the hallmark of bankruptcy. People come to bankruptcy attorneys for help getting their financial lives back in order. While it can be beneficial to file bankruptcy even without the hopes of a discharge, the legal elimination of debts is usually the motivation for filing a case. So what are the main [...]
Protecting Your Property With Bankruptcy
by Richard O'Connor on 5/18/09 | 0 Comment(s)
Section 522(d) of the Bankruptcy Code provides for Exemptions from the bankruptcy Estate, and use of these provisions is a way to keep some assets in the possession of the Debtor. A person filing for bankruptcy should be aware of “exemptions” in planning for bankruptcy and in planning what will be available to them when [...]
