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May 2011 Archives

Redeem Your Property in Bankruptcy

In a Chapter 7 liquidation case, an individual debtor may redeem certain "tangible personal property intended primarily for personal, family, or household use" that is encumbered by a lien. To qualify, the property generally either (A) must be exempt under section 522 of the Bankruptcy Code, or (B) must have been abandoned by the trustee under section 554 of the Bankruptcy Code.

"Relocating" to Japan Costs Mother Millions of Dollars

Following her 2009 divorce, Noriko Esaki Savoie was given partial custody of her children along with her ex-husband; soon thereafter, she returned to her native Japan, taking her two kids with her. After it became apparent that she would most likely not return to the United States with the children, full custody was awarded to the father and a warrant for her arrest was issued by a Tennessee court.

Transferring Property Before Bankruptcy

Bankruptcy laws allow debtors to protect and keep certain property from creditors so that the debtor has a better chance at a fresh start after filing bankruptcy.  These bankruptcy laws are called exemptions.  Many people, however, do not understand these bankruptcy exemptions and transfer or attempt to hide property prior to filing bankruptcy.  Transferring or concealing assets from the bankruptcy court is never a good idea.

Conversion in Bankruptcy

Conversion is the action to convert a bankruptcy case from one chapter to another chapter. Conversion can be involuntary or voluntary. Converted cases will have the same case number but will have a different trustee appointed to oversee the administration of the case and will adhere to different bankruptcy rules.

Expectation of Privacy - Carter v. State

This case centered around criminal charges resulting from the search of a motel room proper. It decided that even though the defendant did not consent to the search that he had no reasonable expectation of privacy as he failed to show that he was an overnight guest in the room. The defendants girlfriend had consented to the search and she was the only person in whose name the room was rented.

Bankruptcy and 401(k) Loans

Many times, as clients reach the point of filing either a Chapter 7 or Chapter 13 bankruptcy, they have already exhausted all other sources of cash, such as cashing out or borrowing against retirement plans.  As many clients cash out their 401(k) accounts, they could be creating negative tax consequences.  

Chapter 7 and your vehicles

Everybody needs to get to work.  Most people have kids to take to school, groceries to pick up, or errands to run that just cannot be done in today's world without a car.  The bankruptcy code provides exemption schedules as does the Texas Property Code.  Those exemption schedules provide for someone who files bankruptcy to be able to claim certain property as exempt.

Dallas Bankruptcy Blog

Chapter 13 and Chapter 7 bankruptcy almost always helps individuals who are discouraged and hampered by pre-existing debt find a fresh financial start.  Being in debt can cause a number of problems, and finding a solution to the debt can help alleviate if not often solve those problems.  It is very common for a debt problem to lead to a disruption in a marriage, or even cause a divorce.  If you are able to find a solution to the debt problem, then often times many personal relationships can be saved.

Bankruptcy and Divorce

"Love and Marriage...Love and Marriage..." the song says, "you can't have one without the other."  Well, sometimes Bankruptcy and Divorce go hand in hand as well.  Often times, if the couple is able to get along well enough through the bankruptcy proceedings before the divorce is finalized it is much better for the man, wife, future partners, and/or children going forward in the future.  

Chapter 7 Bankruptcy

If someone needs to file bankruptcy, then Chapter 7 is typically the chapter that we recommend that they file because it is the quickest, easiest, cheapest, and it usually does the most for the client.  Chapter 7 bankruptcy is available to debtors who have not filed for protection under that Chapter in over 8 years, and who pass Congress's 2005 litigation better known as the "Means Test." 

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