Tag archive for ‘bankruptcy exemptions’
Where to File a Chapter 7 Bankruptcy
by Richard Stokan on 3/08/10 | 0 Comment(s)
A bankruptcy case must be filed in the federal district where the debtor has maintained his residence or principal place of business “for the one hundred and eighty days immediately preceding such commencement, or for a longer portion of such one-hundred-and-eighty-day period.” 28 USC 1408. In laymen’s terms, the case must be filed in the bankruptcy Read more>>
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 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>>
In-Kind Exemptions and the ‘Super’ Schedule C
by John O'Connor on 10/15/09 | 1 Comment(s)
Under normal circumstances, a debtor claiming and exemption is limited by the statutory dollar amount that their jurisdiction imposes on the type of asset they are seeking to protect. For instance, North Carolina law allows a married couple filing a joint case to protect up to $37,000 of equity in their home. A couple who Read more>>
What Property Can I keep In A Bankruptcy?
by John O'Connor on 9/28/09 | 4 Comment(s)
People considering bankruptcy often have the misperception that they will lose all of their property if they decide to file. Fact is, only non-exempt property will be eligible for sale in a chapter 7 bankruptcy. What does this mean? As a matter of public policy legislatures at both the state and federal levels have enacted Read more>>
Can I Keep My Car If I File For Bankruptcy?
by John O'Connor on 9/17/09 | 0 Comment(s)
As a bankruptcy attorney, I field tons of questions about cars and understandably so. After all, it doesn’t do much good getting a fresh start financially if you can’t drive to work. So let’s tackle the questions once and for all on National Bankruptcy Forum. Can a consumer who files for bankruptcy keep their car through Read more>>
The Dilemma of Student Loans
by Jay Jump on 9/03/09 | 0 Comment(s)
Chapter 13 is one of the most powerful tools for dealing with consumer debt. You can prioritize categories of debt just like in a Chapter 11. I often tell clients that debts are broken down into the following categories when filing Chapter 13 bankruptcy. At the top is costs and administrative fees, then secured debt Read more>>
