The Federal Wildcard Exemption
In a bankruptcy case, the property of the debtor is classified in one of two ways: exempt property and non-exempt property. Exempt property is the property the debtor is allowed to keep, while non-exempt property can potentially be liquidated and distributed to creditors. There are exemptions for a wide variety of personal property of the […]
Supreme Court Decides Against Stripping Second Mortgage In Chapter 7
This session of the Supreme Court decide a bankruptcy dispute that was widely watched by bankruptcy attorneys: Caulkett v. Bank of America. In Caulkett v. Bank of America, Justice Clarence Thomas and his Supreme Court colleagues unanimously decided that underwater homeowners cannot use the chapter 7 bankruptcy process to remove second mortgages that are […]
Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate
With only a few exceptions, the Bankruptcy code exempts Individual Retirement Arrangements, more commonly known as IRAs, allowing debtors to keep their retirement funds. In a recent unanimous decision in the case of Clark v. Rameker, the Supreme Court created another exception to this general rule. The Court held that an inherited IRA has no […]
Can A Bankruptcy Filing Stop a Foreclosure Sale in New York?
In the United States, foreclosure laws may vary from state to state. In contrast, bankruptcy is federal law and in general treats foreclosure uniformly. In New York, bankruptcy may be able to help stop a foreclosure sale. Filing for Chapter 7 can potentially delay a foreclosure action for a number of months while a Chapter […]
Supreme Court Reviews Exemption of Inherited IRA funds
The U.S. Supreme Court is presently considering whether an inherited retirement account funds can be protected against bankruptcy claims. The justices will decide the appeal of a Wisconsin couple, Brandon C. Clark and Heidi Heffron-Clark, who filed Chapter 7 bankruptcy in 2010 after their pizza shop business failed in 2009. The bankruptcy court rejected the […]
Can I File for Bankruptcy Again?
As a New York City bankruptcy lawyer, we have many people that visit our office ask if “they can file for bankruptcy again?” Many clients believe they aren’t able to file for bankruptcy if they previously filed in the past. Fortunately, you can file for bankruptcy again in New York. Although you can file for […]
Changes to Bankruptcy Forms
Pending Changes in the Bankruptcy Forms As of December 1, 2012, the following amendments will take effect. Official Form 7 (Statement of Financial Affairs) is amended to make the form’s definition of an insider consistent with the definition in the Bankruptcy Code. Official Forms 9A – 9I (meeting of creditor notices) are updated on the first page and in […]
Non-Dischargeable Debt
Certain types of debt can not be discharged by filing for bankruptcy. Although bankruptcy is designed to eliminate many types of debt, there are certain types of debt that can not be discharged. Some of these debts typically include, but are not limited to: most federal funded student loans federal taxes state taxes local taxes […]
What Assets Can I Keep in Bankruptcy?
We often receive phone calls to our office asking us, “what property and assets am I able to keep if I file for bankruptcy?” That is a great question because many people are concerned about what property they may lose if they file for bankruptcy. Contrary to what many people may think, there are many […]