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Reverse Piercing of Debtor’s Own Corporation Disallowed To Claim Exemption 20 Aug 2013 | 02:49 am
Many people have suggested buying a car through a small business corporation they own in order to protect the car from personal creditors. One debtor found that this planning back-fired when he filed ...
Debtor’s Machine Gun in Chapter 7 Bankruptcy 3 Aug 2013 | 08:05 pm
A Chapter 7 bankruptcy trustee is supposed to gather and sell all non-exempt personal property of significant value. Sometimes there are practical considerations that lead most trustees to leave valua...
Credit Reports After Chapter 7 Bankruptcy 23 Jul 2013 | 06:57 pm
Many clients have questions about their credit after filing bankruptcy. One of my clients called and asked whether his Chapter 7 bankruptcy discharge of a credit card debt means that the creditor has ...
Protecting The Home When One Spouse Files Chapter 7: New Residents 23 Jul 2013 | 05:12 pm
I received an inquiry from prospective bankruptcy clients who had moved to Florida from New York just over six months and had purchased jointly a Florida homestead. The wife had substantial unsecured ...
Planning Retirement Distributions To Qualify For Chapter 7 28 Jun 2013 | 05:26 pm
Withdrawals from your IRA or other tax deferred retirement accounts is part of income for purposes of calculating eligibility for Chapter 7 bankruptcy under the means test. Many debtors facing bankrup...
When Does Failure To Repay Loan Amount to Theft? 20 Jun 2013 | 07:09 pm
When someone borrows money from another person and then is unable, or simply unwilling, to pay back the loan the lender can feel that the borrower stole his money or defrauded him out of money. Can a ...
Homestead Exemption Lost By Leasing Land To Mobile Home 7 Jun 2013 | 05:40 pm
There are several bankruptcy court decisions which considered the debtor’s homestead exemption when the debtor used part of the homestead property to produce income. The general rule is that commercia...
Transferee of Fraudulent Transfer From Ponzi Scheme 31 May 2013 | 03:29 am
People who receive distributions of money from Ponzi schemes usually are expected to return the money to a trustee who takes over the operation when the Ponzi organizer files bankruptcy. The trustee u...
Defend Foreclosure Lawsuits Before Considering Bankruptcy 23 May 2013 | 07:27 am
Many people file Chapter 13 bankruptcy to stop a foreclosure, and some people file Chapter 7 bankruptcy to discharge mortgage deficiency liability. I think many people are filing bankruptcy prematurel...
Does Chapter 13 Bankruptcy Preclude Mortgagee Filing Unsecured Deficiency Claims? 15 May 2013 | 10:05 pm
A potential bankruptcy client wanted to avoid a deficiency judgment from a partially first mortgage on his home. The client’s income made him ineligible to file Chapter 7 bankruptcy which would have d...
