Bankruptcy Blogs

Can you protect your inheritance that your receive after filing for bankruptcy?  This is kind of an interesting circumstance. If you know or if the debtor knows that they are going to inherit something coming up pretty soon, it could be subject to being taken by the trustee. Up to six months after filing, if [...]

As outlined in earlier segments of this series, bankruptcy law primarily comes from federal and state laws.   But critical parts also are based on rules written by the court system itself. The laws that Congress enact are typically broad definitions of rights and responsibilities.  Congress will often leave the specific procedures of how the broad [...]

Be careful what you accuse a bankruptcy debtor of in public because it can lead to a libel law suit.   This includes letters to the bankruptcy judge.  Just that happened in one North Carolina bankruptcy case.  Read the documents here including the docket sheet and a letter.

An IRS lien is a federal tax lien (FTL) that the IRS places against your property, similar to a mortgage on your home or a lien on your car. The difference is that the lien is placed against everything you (the taxpayer) own, right down to the cash in your wallet, clothing, and furniture in [...]

In addition to the value of property, we obviously need to know the balance owed because that’s going to be our equity determination. The current value minus what is owed is the equity.   As with all the property that the clients have, it is Illinois law that is going to govern how much property they [...]