Tag archive for ‘Can I keep my property if I file bankruptcy?’
I’ve heard that a repo agent can’t “breach the peace” during a repossession. What does that mean?
by Stephen Trezza on 6/29/10 | 0 Comment(s)
If you have defaulted on a payment of a vehicle, the original seller may repossess the car that you have not finished paying for. The vehicle is what’s known as “collateral” and the people you owe money to have the legal right to either have a court action against you or repossess the “collateral” by [...]
What Constitutes a Fraudulent Conveyance
by Richard Stokan on 6/21/10 | 0 Comment(s)
Once a bankruptcy case is filed, a trustee is selected to administer the debtor’s estate. One of the options available to a bankruptcy trustee is the authority to set aside or “avoid” transfers of a debtor’s assets that the trustee determines unfairly placed the asset beyond the reach of creditors. Transferring an asset to a [...]
No Quick Fixes to Protect Assets
by Richard Stokan on 6/14/10 | 0 Comment(s)
One of the most common questions asked of a bankruptcy attorney is “what if I [fill in the blank] with this asset? Will I be able to keep it then?” As a general rule, when preparing to file for bankruptcy protection or initiating any legal proceeding for that matter, if it does not pass the [...]
Garnishments and Bankruptcy
by Richard Stokan on 6/03/10 | Comments Off Comment(s)
What is a garnishment? A garnishment is basically a legal collections tool where a creditor obtains a court order compelling an employer to withhold a portion of an employee’s wages. The amount that can be withheld is capped at 25%, however, the percentage may vary depending on the state issuing the garnishment and the type [...]
Credit Cards After Bankruptcy
by Richard Stokan on 5/24/10 | 0 Comment(s)
A common question is whether or not a debtor can keep a credit card after filing for bankruptcy protection and do I have to list the cards I want to keep. If you owe a balance at the time the bankruptcy petition is filed, you must list the debt. This applies regardless of the amount [...]
State vs. Federal Exemptions: What is the Best Way to Protect My House If I File Bankruptcy?
by Drew Broaddus on 5/14/10 | 0 Comment(s)
In 11 U.S.C. § 522(b), Congress provided that a state may choose the exemption scheme available to any debtor filing for bankruptcy relief within its borders. For example, debtors filing bankruptcy petitions in Ohio and Tennessee are not eligible to claim the federal exemptions enumerated in § 522(d) because the state law applicable to those [...]
Property Excluded from a Bankruptcy Estate
by Richard Stokan on 3/22/10 | 1 Comment(s)
Once a bankruptcy petition has been filed, a bankruptcy estate is created which includes all assets of the debtor. The bankruptcy trustee is then required to collect non-exempt property and reduce it to cash to be divided among creditors. Although the bankruptcy code broadly defines “property of the estate”, not all property in the possession [...]
Debt Buyer Practices
by Jay Jump on 3/11/10 | 0 Comment(s)
Initially, let me explain what a debt buyer is. A debt buyer is a company or individual who purchases note paper. When you purchase a home, or a car, you sign a promissory note. This promissory note is what entitles the creditor to collect money from you for payment on the loan. Often times, the [...]
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 5 Comment(s)
You can villify me later. For now, I need you to read and get some perspective. Pay attention because we’re going to move fast. You need to file for bankruptcy. Let me say it again for those of you who are still shaking your head. YOU NEED to file for bankruptcy! There, I gave you [...]
Listing and Valuing Household Items
by Richard Stokan on 3/01/10 | 1 Comment(s)
Bankruptcy courts vary as to the specificity required for the description of household furnishings. Most courts are satisfied with a brief description of the types of household goods rather than an itemized list of every item. For example, a debtor can list table settings for eight instead of itemizing each plate, saucer etc… Similar groupings [...]
