Debtor’s Bankruptcy Discharge Revoked for Failure to Turnover Inheritance
Bankruptcy relief is pretty extraordinary, when you think about it. You can file a case that, if properly done, terminates your obligation to pay debts. You can strip off mortgages. Judgments (not recorded against real property) are voided. A bankruptcy discharge is an extraordinary measure of relief, and really does give a debtor a fresh […]
KEEP READING . . .Are foreign student loans dischargeable in bankruptcy?
People are becoming more and more aware that student loan debt is becoming a HUGE problem. With many college and post-grad students entering the workforce with high-five and six figure student loan debts, and jobs not paying income to keep up with the student loans (not to mention housing and other costs of living), bankruptcy […]
KEEP READING . . .How You Can Use Bankruptcy to Discharge Divorce-based Debts
Often when reading a news story concerning bankruptcy, it’s framed as a debtor having hit “rock-bottom” in their finances, or some celebrity that didn’t know how much they were paying and to whom. While that approach is true in some cases, bankruptcy relief can be a very good strategic tool for many people.
KEEP READING . . .Case Review: Lawyer gets his student loans discharged in bankruptcy!
You never know what it’s like to walk in someone else’s shoes. If I asked your thoughts on a 56 year old healthy male, living in California, who has been an attorney admitted to practice law since 1993, what would they be? High net worth? Partner? 1%? What if I told you that this person […]
KEEP READING . . .Can I File Bankruptcy and Keep My Car Even If It’s Expensive?
Can I file bankruptcy and keep my car? This question often comes up when prospective debtors are consulted about bankruptcy. They are struggling with credit card debt and collections. There might have been a cash out or loan against retirement accounts. Very often, however, this fact pattern also includes a relatively new vehicle that’s being […]
KEEP READING . . .Case Review: In NYC, a late-filed tax return may result in tax liability being non dischargeable in bankruptcy :(
One reason people file for bankruptcy relief is to have tax liabilities discharged. Tax liabilities may often be assessed several years after the tax period, accrue tremendous interest, and are collectible for quite some time. While there is a pervasive notion that taxes, generally, are not dischargeable in bankruptcy, that is untrue. If a debtor […]
KEEP READING . . .US Supreme Court Denies Review of Student Loan Case
The US Supreme Court has declined to review a student loan case that would have presented the question as to the appropriate standard of review for a hardship discharge of student loans in bankruptcy cases. While a number of interesting student loan opinions are coming out from courts across the United States, this was the […]
KEEP READING . . .Voluntary Retirement Contributions and Retirement Loan Repayments are reasonably necessary expenses for Bankruptcy Debtor
In bankruptcy news, a nice, debtor-friendly case came out of the Bankruptcy Court for the Southern District of Indiana. The question presented: whether a debtor’s voluntary retirement contributions and retirement loan repayments are reasonably necessary expenses for bankruptcy debtor. The answer according to this court: Yes!
KEEP READING . . .