So you're doing business as usual and notice that payments from your customer are getting later and later. Turns out that customer is struggling to navigate in the sputtering economy. Waiting for your money is bad enough; but what if you receive a demand to refund what you've been paid? And not because of anything...Read More
In June 2013 the US Supreme Court published an opinion arising from a dispute over the estate of Pierce Marshall - better known as the husband of Anna Nichole Smith. That case, Stern vs. Marshall, gave rise to a surprising decision; namely, that Bankruptcy Courts could not rule on the State-law aspects of a dispute...Read More
In response to questions we get over and over, here is our unofficial Guide to Discharging Taxes in Bankruptcy. We've gathered many of the tried-and-true rules on the topic but they are constantly evolving, so take this guide with a grain of salt and always consult a competent Bankruptcy Attorney before making any decisions.Read More
As a rule, debtors ask the Bankruptcy Court to protect them. In return for its iron-clad protection the Bankruptcy Court demands that all rules be obeyed and debtors refrain from hiding or giving away assets that could be used to satisfy creditors.Read More
When it comes to Bankruptcy, many Debtors don't know what they don’t know about real estate taxes. Confused? So were the District Courts until the 7th Circuit Court of Appeals addressed the issue in the case of In re LaMont, Opinion 13-1187 (January 7, 2014).Read More
Priority disputes can be played out in Bankruptcy court. Take the case of In re Jones, in which Chapter 11 Debtors owned several pieces of property encumbered with mortgages cross-collateralized with other property of the Estate. That's when the trouble started...Read More
What if a Debtor inherited an IRA? Would the inheritance be "exempt" as a retirement fund? In the 8th and 5th Circuit the answer appears to be yes; but in the 7th Circuit the answer is no. Read how In re Clark revealed a Circuit split that only the U.S. Supreme Court can resolve.Read More
Yes Virginia, it is possible to both discharge unsecured debts forever (Chapter 7) and strip down secondary mortgages (Chapter 13). But why would a Debtor file two cases when it's hard enough to put themselves through one? Read on and find out.Read More
Debtors should address debts well before creditors obtain judgments and file citations to discover assets. If they don't, they could end paying both their most aggressive creditors and the Trustee in a double-whammy.Read More
