Tag archive for ‘BACPA’
Jay S. Jump is mentioned in Lawyers Weekly
by Jay Jump on 3/11/10 | 1 Comment(s)
As a result of a former blog entry on this website, Jay S. Jump, an attorney in Washington State, and a contributor to the National Bankruptcy Forum, was interviewed for Lawyers Weekly USA on the Milavetz decision handed down by the Supreme Court earlier this week.
Click here to read the article.
Random Bankruptcy Audits
by Richard Stokan on 2/08/10 | 1 Comment(s)
Since 2006, debtors filing for bankruptcy protection have been subject to random audits. As part of the reforms of the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), Congress required random audits to verify the accuracy and completeness of debtors’ bankruptcy filings. 28 USC 586(f). The targets are randomly selected and average approximately Read more>>
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 Read more>>
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 Read more>>
Are Educational Funds Property Of The Bankruptcy Estate?
by Drew Broaddus on 11/13/09 | 0 Comment(s)
Section 529 Plans are tax advantaged savings plans intended to encourage saving for future college costs. There are two types of qualified tuition programs: a prepaid tuition plan or a college savings plan They are authorized under Section 529 of the Internal Revenue Code (26 U.S.C. § 529). Several of our clients have asked what happens to Read more>>
Household Size and the Means Test
by Richard O'Connor on 11/12/09 | 2 Comment(s)
The “Means Test” was implemented in 2005 as a way of preventing consumers with the ability to pay back their debts from filing for chapter 7 bankruptcy. Determining a household size for purposes of the Means Test can be simple or complicated depending on the family. The proper method for determining household size is an Read more>>
Accounting for a non-filing spouse’s income in a chapter 7 bankruptcy
by Richard O'Connor on 11/02/09 | 0 Comment(s)
Much has been written about the bankruptcy reforms of 2005. The bottom line for consumers is that Congress attempted to make it more difficult to file a chapter 7 case by imposing income requirements. When Congress enacted the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), it overhauled the eligibility requirements for Read more>>
What documents do I need to bring when I first meet with my bankruptcyattorney?
by John C. Colwell on 7/06/09 | 0 Comment(s)
What documents do I need to bring when I first meet with my bankruptcy attorney?
One of the biggest burdens, under the new law, that was forced upon debtors and their attorneys, was the requirement to produce volumes and volumes of documents. This, in addition to the largely complete formal schedules and Read more>>
