Recent decisions from Michigan and Georgia have cast further confusion on the issue of exclusivity of “bankruptcy-specific” exemption statutes. Under 11 U.S.C. § 522(b), a debtor filing for bankruptcy is provided with two sources from which to claim property as exempt. The debtor may choose from those exemptions enumerated under 11 U.S.C.
Recent decisions from Michigan and Georgia have cast further confusion on the issue of exclusivity of “bankruptcy-specific” exemption statutes. Under 11 U.S.C. § 522(b), a debtor filing for bankruptcy is provided with two sources from which to claim property as exempt. The debtor may choose from those exemptions enumerated under 11 U.S.C.
Many consumers find that despite the fact that they receive a discharge creditors still attempt to collect debts and report false derogatory information on their credit reports.
Each year, thousands of debtors file for relief under chapter 13 between Jan. 1 and April 15. A certain number will then timely file tax returns for the prior year, and find that they have a tax liability.
Due to the recent recession, there has been a substantial increase in bankruptcy filings.
Most people have had no difficulty meeting the debt limitations for chapter 13. As of April 1, 2010, an individual was eligible for chapter 13 with no more than $1,081,500 in secured debt and no more than $360,525 in unsecured debt.
As those who regularly practice consumer bankruptcy law may have already figured out, change is afoot in Rule 3001.
Nadejda Reilly never thought her kitchen equipment would become part of a federal case that eventually made its way to the Supreme Court. Her bankruptcy attorney in central Pennsylvania assured her that her property would be exempt and never be at risk. He scheduled its value at just over $10,000 and claimed that entire amount exempt.
The Pooling and Servicing Agreement (PSA) is the document that actually creates a residential mortgage-backed securitized trust and establishes the obligations and authority of the master servicer and the primary servicer.
The U.S. Supreme Court just ruled 9-0 in United Student Aid Funds Inc. v. Espinosa, 559 U.S. ____ (2010), which held that the bankruptcy court’s order confirming the debtor’s plan is not voidable under Federal Rule of Civil Procedure 60(b) when no jurisdictional and/or due process violations have occurred.