*Chapter 7 Bankruptcy

Creditors Plan To Snatch Assets From Bankruptcy Trustees

09/25/12

http://www.flickr.com/photos/psykotrooper/

Creditors are starting to talk up how to snatch assets away from bankruptcy trustees who don’t even know they’re coming.

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Bankruptcy Petition Schedules Reveal Your Basic Information

08/29/12

Filing a bankruptcy petition is a process in which you disclose important information about your assets, your debts and your income and expenses. Anyone looking at your petition can usually see all they need to know about your financial condition by studying your bankruptcy schedules.

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Judgment Liens: No Longer Avoidable in Southern Illinois Bankruptcy Court?

08/26/12

An old adage says that liens “pass through bankruptcy” unaffected.  As old adages go, it’s right as much as it’s wrong.  Particularly when referring to judgment liens against someones home which are normally subject to “avoidance.”  But a July, 2012 court decision puts that in doubt for Southern Illinois residents.

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Mortgage Liens Declared Invalid in Central Illinois Bankruptcy Court

08/17/12

A Central Illinois Bankruptcy Court Judge ruled the trustee who oversees administration of a bankruptcy case can avoid mortgage liens that do not comply with an Illinois law that requires the mortgage contain notice of the interest rate, loan amount and maturity due date.  See In re Crane [Crane vs. Richardson, CDIL 11-09067], on appeal to US District Court.

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Missouri Improves Bankruptcy Exemptions

07/25/12

Exemptions are the laws that tell us how much property you can protect in the bankruptcy process.  Recently those laws have been improved for Missouri and former Missouri filers.

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