Exemptions are available without bankruptcy Sometimes clients need to delay fiiling bankruptcy. This delay may result for a number of reasons, including that you want to let certain taxes become dischargeable, you may want to wait until after the preference period has expired, or for some other timing reasons. Unfortunately, if judgment creditors are seizing […]
Over Exemptions The client is told she’ll have to pay something to the trustee in bankruptcy, and her heart sinks. But it doesn’t have to be that bad. Every Chapter 7 client wants a “no asset” case, when a debtor’s equity in his assets is less than allowed exemptions. But sometimes the client’s commissions are […]
Debtors have options when their assets exceed exemptions. They can file chapter 11 or chapter 13 and make a stream of payments to buy back their property’s surplus equity. They can file chapter 7 and negotiate a buyback from the trustee, or else just release the assets outright. They can stay out of bankruptcy and […]
An 89 year old WWII vet hid $66,000 in gold and silver in his backyard, didn’t tell his lawyer about that and then filed for bankruptcy. His home, owned free of all secured claims other than a few minor judgment liens, is to be sold and he is forced from it. This story is creating […]
