When a person files bankruptcy, they are required to list all of their assets in their bankruptcy schedules. In bankruptcy, an asset is anything you own, but it also includes anything you may acquire contingent upon some event happening. For example, if you are in a car wreck, you may acquire a cause of action, […]
BANKRUPTCY: EXEMPTION FROM THE CREDIT COUNSELING REQUIREMENT
Debtors wishing to file bankruptcy are required to successfully complete a credit counseling course during the 180 days prior to filing bankruptcy. However, debtors that can show that they are incapacitated due to mental or physical disability may be exempt from this requirement. Under Sec. 109(h)(4) of the Bankruptcy Code, a debtor may be excused […]
Bankruptcy Saved My Marriage!
During my time as a bankruptcy attorney, on about a dozen occasions clients have told me that filing bankruptcy saved their marriage. I understand exactly how they feel. Most of us are stressed about money, whether the source is credit card debt, student loans, medical bills or a loan on a car we can’t quite […]
BANKRUPTCY: SCHWAB V. RILEY – WHAT EXACTLY ARE WE EXEMPTING?
Bankruptcy law doesn’t seem to get much attention from the Supreme Court. So on June 17, 2010 when the Supreme Court decided Schwab v. Reilly, bankruptcy attorneys, judges, and trustees paid close attention to the Court’s holding, which explained what debtors are protecting when they claim an exemption in bankruptcy. 130 S.Ct. 2652 (2010). In […]
BANKRUPTCY: VICARIOUS LIABILITY DOES NOT APPLY TO § 523(a)(9)
As a bankruptcy attorney I have focused my practice on a specific type of legal practice. I don’t know much about drafting a will, litigating a lawsuit, or defending a criminal action, but I know a lot about consumer bankruptcy. Similarly, in my experience I have found that attorneys practicing other types of law know […]