Tag archive for ‘Can I keep my property if I file bankruptcy?’
Jointly Owned Property May Be Subject To Forced Sale In Bankruptcy
by Richard Stokan on 2/15/10 | 1 Comment(s)
It is not unusual for debtors, specifically married debtors who file for bankruptcy protection separately, to co-own property. If you co-own property and intend to file for bankruptcy, you need to be aware that the trustee has the authority to force a sale of the entire asset including the co-owner(s) interest. See 11 USC 363(h). [...]
My Creditors Are Violating the Automatic Stay
by Jeff Herrick on 2/10/10 | 0 Comment(s)
When you file for bankruptcy, an automatic stay is issued by the Bankruptcy Court. An automatic stay is a measure put in place by the bankruptcy court to halt all actions by creditors to collect and/or obtain satisfaction of the outstanding debt even by repossession of the property. Unfortunately, some creditors do not abide by [...]
Dangers of Unperfected Liens
by Richard Stokan on 1/18/10 | 0 Comment(s)
Liens against real property that have not been recorded or were not timely recorded, can be avoided by a Chapter 7 trustee and present a dilemma for a debtor. See 11 USC 544 and 11 USC 547(e)(2)(B). Once a case is filed, the trustee can assert power over the property of the estate. This means, [...]
Bankruptcy Attorneys Must Pay Attention to Local Procedures When Handling Reaffirmation Agreements
by Drew Broaddus on 12/31/09 | 0 Comment(s)
Richard Stokan from our office recently wrote an interesting post here about the practical aspects of negotiating reaffirmation agreements. In short, a reaffirmation agreement is a new contract signed between the debtor and a lender that reaffirms the debtor’s personal liability for a debt (typically an automobile or home). This agreement essentially states that the [...]
Renegotiate Before Reaffirming A Debt in Bankruptcy
by Richard Stokan on 12/28/09 | 2 Comment(s)
Often, consumers who wish to keep automobiles through a bankruptcy proceeding are required to reaffirm the debt. Remember that a bankruptcy wipes out your personal obligations to pay debt. In order to keep a financed car, many states require reaffirmation. A debtor must be certain he or she can afford to make the required payments [...]
Security Deposits and Bankruptcy
by Richard Stokan on 12/21/09 | 0 Comment(s)
Security Deposits in Bankruptcy When filing for bankruptcy protection, all assets must be listed on the petition including landlord security deposits. 11 USC 541. Although the security deposit is not in the possession of the debtor, the deposit legally belongs to the renter and must be returned unless the landlord is allowed by state law [...]
Bankruptcy Forms: The Statement of Intention
by Richard Stokan on 12/07/09 | 0 Comment(s)
When filing for bankruptcy, a debtor is required to file a Statement of Intention specifying whether the debtor intends to retain or surrender property. For example, the debtor will specify whether a home or car will be kept after bankruptcy or surrendered back to the lender. A copy of the statement must be served on [...]
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 [...]
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 [...]
Exemptions: What can I keep if I file bankruptcy?
by Drew Broaddus on 10/23/09 | 5 Comment(s)
The bankruptcy code allows each individual who files bankruptcy to keep basic assets deemed necessary for the debtor’s ‘fresh start’ after bankruptcy. That property is the debtor’s ‘exempt property.’ The debtor claims property as exempt in the schedules that are filed to initiate the case. If no objections are filed to the exemptions, they become [...]
