Top 5 Bankruptcy Misconceptions
Many people hesitate filing for bankruptcy. No one wants to do it. But many, should do it. Making that determination is often the hardest part about filing for bankruptcy. There are many...
Nearly 5 Million Americans are in default on student loan payments
Nearly 5 Million Americans are in default on student loan payments
A recent Wall Street Journal article discusses the shocking study about student loan payments in default.
"The number of Americans severely behind on payments...
Is an overpayment of Food Stamps an actual Domestic Support Obligation?
An overpayment of food stamps is not a domestic support obligation (DSO). Bankruptcy Judge Deborah L. Thorne from the Northern District of Illinois chimed in on this issue with her recent decision in Tyeane Halbert v. James T. Dimas, as...
Is my wedding ring or engagement ring exempt in a bankruptcy case?
A wedding ring and engagement ring are exempt in a bankruptcy case, at least in the Northern District of Illinois. In a recent case, Bankruptcy Judge Jack B. Schmetterer of Chicago ruled that a wedding ring and an engagement ring are...
Post-petition interest on IRS taxes is not discharged upon successful completion of chapter 13 bankruptcy plan.
"'In this world nothing can be said to be certain, except death and taxes." - Benjamin Franklin.
This is a tough pill to swallow for debtors who successfully complete a chapter 13 bankruptcy case.
In re Thaxton (Bankr. S.D. W....
Notre Dame football tickets are not a tangible asset in an Indiana Chapter 7 bankruptcy case
Judge Harry C Dees, Jr. has ruled that Notre Dame football season tickets are not tangible, and thus sustained the chapter 7 trustee's objection to the exemption the debtor claimed in the bankruptcy case. This allows the trustee to...
Supreme Court denied bankruptcy trustee certiorari petition regarding fraudulent transfer.
The Supreme Court did not grant certiorari from the 4th Circuit to resolve a spit of decisions, and thus declined to rule on whether a transfer into someone’s own bank account qualifies as a “transfer” on which a fraudulent transfer suit...
Bankruptcy petition preparer indicted for fraud
Bankruptcy Petition Preparer indicted - Southern District of Illinois - Bankruptcy Court
Don't overlook the importance of hiring a bankruptcy attorney to help you file bankruptcy. The attorney knows how to file...
I found a judgment lien on my home, but I filed for bankruptcy. Help!
I get calls periodically from people who had filed for bankruptcy and got their discharge. They are trying to refinance or sell, and a title search pulls up an old judgment lien recorded against their home. The clients are confused,...
Schedule A – Where do I get the value for my home?
While Zillow is a good starting place to determine approximate value for your home when filing for bankruptcy, a better option would be a CMA -a comparable market analysis, or even better yet, a full blown appraisal. When you are...