The answer to that question is yes. Exemptions are created under state law. They’re also available under bankruptcy law but most states have opted out of using the federal bankruptcy exemptions and they want to use their own state exemptions. There are exemptions that are always available if you’re in bankruptcy or not yet in […]
The answer becomes clearer when you understand that a Chapter 7 trustee is a private attorney appointed to a panel by the Department of Justice. In Maryland, trustees are paid only $65.00 per case according to statute and this is the total payment for approximately 95 percent of their cases. By looking closely at bankruptcy […]
The short answer is “Probably yes” and this is true whether you live in Maryland, Delaware or Virginia. When you see that paying bills the next month may not be doable, it is only natural to ask yourself if you qualify for bankruptcy. You should consider filing for bankruptcy when facing an inability to pay […]
There is quite a bit of difference between a bankruptcy dismissal and a bankruptcy discharge and whether you’ve filed for bankruptcy in Maryland, Pennsylvania or elsewhere, discharge is the desired outcome. A bankruptcy discharge occurs when you have done everything you’re supposed to do. Once your discharge has been entered, your creditors can’t sue you […]
In a Maryland, Delaware, Pennsylvania or Virginia bankruptcy, when you face how to pay your personal bills, there are several things to take into account before deciding to use your IRA or 401(k) for bill payment: (1) Creditors, other than the IRS, cannot seize your IRA or 401(k) in settlement of their claims against you. […]
When you file for bankruptcy and review your financial information, you may discover that your equity and assets are “over-exempt”. An “over-exempt” status exists when your assets – besides your IRA and your home – are worth more than the exempted amount allowed under state law. Examples of assets other than your IRA and your […]
The good news is that you have more than one option when you file for bankruptcy and discover that your equity and assets are “over-exempt”. An “over-exempt” status occurs when your assets – not including your IRA and your home – are worth more than the exempted amount. Some examples include cash, furniture, tax refunds […]
Yes, it can be; the reason could be as a result of an equitable defense known as laches. Laches refers to having waited too long before filing your suit or before asking the court to give you some other relief. Sometimes when you’ve waited so long, the other party might’ve relied upon your inaction and […]
Yes, if you’re a football fan with public seat licenses, PSLs, you must list them in your bankruptcy case. It is also true that the bankruptcy trustee can sell them. If the public seat license, as an asset, could be sold at a profit for value, then the PSL must be part of your bankruptcy […]
There are two ways to oppose a motion for summary judgment. The first way is to establish that there is a dispute over the facts. E.g., there might be a dispute regarding how much money is owed under a promissory note. Or there may be a dispute as to whether payments were truly made. There […]
