Date archive for November, 2009
Avoiding Judicial Liens
by Richard Stokan on 11/30/09 | 0 Comment(s)
In an effort to obtain a fresh start with bankruptcy, the bankruptcy code permits a debtor to avoid certain liens on his or her assets. Liens tied to property, ie are secured, cannot be avoided because a discharge only applies to the personal liability of a debtor. However, judicial liens, that attach to an asset [...]
Happy Thanksgiving!
by Moderator on 11/26/09 | 0 Comment(s)
On behalf of all the contributing attorneys from National Bankruptcy Forum, we would like to wish all of our readers a happy Thanksgiving!
Will My Social Security Disability Be Shielded From Creditors?
by Jeff Herrick on 11/25/09 | 0 Comment(s)
If you are receiving social security disability payments and are in a situation where bankruptcy becomes an option due to overwhelming debt such as credit cards, medical bills, etc., your social security disability benefits are safe. Creditors cannot garnish or take away your social security income. By filing for bankruptcy, not only will monthly social [...]
Detroit Bankruptcy Attorneys Receive Notice of Local Court Rule Amendments
by Drew Broaddus on 11/25/09 | 1 Comment(s)
This morning, attorneys registered for electronic filing in the U.S. Bankruptcy Court for the Eastern District of Michigan (which has divisions in Detroit, Bay City, and Flint) received an e-mail containing a “Notice Regarding Adoption of Amended Local Bankruptcy Rules.” On November 2, 2009, the United States District Court approved amendments to the Local Bankruptcy [...]
Avoid Having Your Bankruptcy Petition Dismissed On Technical Grounds Under 11 U.S.C. § 301(a)
by Drew Broaddus on 11/24/09 | 0 Comment(s)
On September 29, 2009 the U.S. Bankruptcy Court for the Eastern District of Michigan (which has divisions in Detroit, Bay City, and Flint) issued a “Notice Regarding Dismissal of Case for Failure to File Petition Pursuant To 11 U.S.C. § 301 (a).” 11 U.S.C. § 301(a) states that a “voluntary case under a chapter of [...]
Exemption for Retirement Accounts
by Richard Stokan on 11/23/09 | 0 Comment(s)
As part of the reforms of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), Congress included an exemption for virtually all types of pension and retirement accounts recognized by the IRS. Prior to the change, debtors had to rely on state exemptions to the extent they existed. Section 11 USC 522(d)(12) exempts [...]
Who Will Know I Filed Bankruptcy?
by Moderator on 11/22/09 | 1 Comment(s)
Do you worry about who will know that you decided to file bankruptcy? Even though bankruptcy doesn’t carry the same negative connotation it used to, some people still worry that their friends and coworkers will find out. The good news is, that except for a select few,only the people you choose to tell will likely [...]
I’ve decided to file for bankruptcy, do I need to go through with my short sale?
by John O'Connor on 11/20/09 | 2 Comment(s)
The benefit of continuing with a short sale after you’ve decided to file for bankruptcy will hinge on the type of bankruptcy you plan on filing. If you have decided to file for chapter 7 bankruptcy and are currently trying to sell a home via short sale, there is no reason to continue with the [...]
Eastern District of Michigan Bankruptcy Court Issues “State of the Court” Report
by Drew Broaddus on 11/20/09 | 1 Comment(s)
On October 8, 2009 Chief Judge Phillip J. Shefferly issued the “State of the Court” report for the U.S. Bankruptcy Court for the Eastern District of Michigan (which has divisions in Detroit, Bay City, and Flint). The report discusses a number of issues of interest to bankruptcy practitioners. For example, the Court reported statistics which [...]
Good News For North Carolina Homeowners: NC Homestead Exemption to Increase
by Moderator on 11/19/09 | 1 Comment(s)
The amount of equity a debtor can protect in their North Carolina home is about to double. North Carolina law will soon allow a debtor in a bankruptcy proceeding to protect up to $35,000 of equity in their primary residence. How does this work? Under current law, if a North Carolina resident files bankruptcy with [...]
