Bankruptcy hearings can be over before the fat lady sings
A recent opinion from United States bankruptcy judge Henry Boroff in Massachusetts helps to clarify a much debated question of bankruptcy law: when is the debtor’s “meeting of creditors” really over? Each person filing a bankruptcy case is required to attend a “Meeting of creditors,” also known as a “341 meeting” after the code section [...]
Bankruptcy law eases rules on keeping your car after you file
A very modest increase in the amount of equity in a car that a debtor can keep after filing a bankruptcy case went into effect in April, 2013. Previously, a single debtor claiming federal exemptions was allowed $3,450 in equity in a vehicle. With the cost-of-living increase that took effect on April 1st, that was [...]
What you can keep after bankruptcy just increased
A bit of good news just came in for anyone out there considering filing a bankruptcy case: As of April 1, 2013, the total amount of property that a debtor can “keep” after filing Chapter 7 bankruptcy increased to $12,725.00, an extra $750 over prior law. The increase is part of an every-three years tweaking [...]
What happens when a check is outstanding at the time of a bankruptcy filing?
If a debtor files a bankruptcy case after having written checks on a personal account, but before they are cashed who gets to keep the money? This is a question that is being asked in the Henson case before the United States Court of Appeals in the Ninth Circuit, which has jurisdiction over the nation’s [...]
Bankruptcy judge unearths useful exemptions for life insurance policies
You can lean a lot from reading the latest bankruptcy opinions. About bankruptcy law, to be sure, but often also about little explored areas of state laws. Take life insurance, for an example. Term life insurance — the kind that simply pays a benefit when someone dies. Except in the case of a suicide, of [...]
Massachusetts bankruptcy court says vacation condo in Maine qualifies for homestead exemption
Here’s a twist that you don’t see everyday in the bankruptcy courts: a Massachusetts couple who filed a bankruptcy case were allowed claim a homestead exemption to protect their vacation condo in York Beach, Maine. Massachusetts bankruptcy judge Melvin Hoffman ruled that the federal homestead exemption — found at 11 USC section 522 (d) (1) [...]
More problems with homes, trusts, Massachusetts homesteads, and bankruptcy
Right after writing about the Stallworth case and the dangers of putting houses into trusts before filing a bankruptcy case — and telling the story of a Massachusetts man who lost a lot of home equity in bankruptcy court that way — there comes another Massachusetts bankruptcy case involving, you guessed it, trusts and the [...]
Snafu with bankruptcy costs Massachusetts debtor his home equity
Massachusetts has a generous homestead exemption, which comes in handy when a homeowner needs to file a bankruptcy case. Typically, up to $500,000 can be declared “exempt,” bankruptcy lingo for “untouchable by the bankruptcy court or trustee.” But there are always exceptions, and one South Shore homeowner who filed bankruptcy in 2009 just found out [...]
Bankrupt and Injured? Don’t despair!
Imagine if you have been in financial trouble for a while, and then get in a car accident. Or imagine you’ve been hurt in an accident and its completely drained your finances — now you are swimming in medicals bills. Is it possible to file both a personal injury lawsuit and a bankruptcy case? If [...]
Getting a tax refund? How it impacts a Chapter 7 bankruptcy case
This is the season for tax refunds, and don’t think that the bankruptcy trustees don’t know it! Like sharks around a bucket of chum, there is little that can get a trustee into an excited frenzy like a debtor coming in to bankruptcy court with a sizable tax refund. But with a little knowledge and [...]
