Tag archive for ‘protecting assets with a bankruptcy attorney’
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 [...]
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 [...]
The Bankruptcy Trustee Is Primarily Concerned With Equity
by Moderator on 5/02/10 | 1 Comment(s)
Chapter 7 bankruptcy involves liquidating assets to pay back creditors in exchange for a complete forgiveness or discharge of most debts. Among other duties, bankruptcy trustees are charged with the responsibility of evaluating a debtor’s assets to see whether there is anything of significant value that can be sold to pass on to creditors. Absolutely [...]
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 [...]
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 [...]
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 [...]
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 [...]
