exemptions

When considering a Chapter 13 Bankruptcy, one of the first questions that every debtor wants to know is how much their monthly Chapter 13 Plan payment will be. As with most legal questions, the answer is that it depends. One of the ways to determine how much this payment will be is to perform a [...]

Millions of tickets are dolled out every year, not to mention government penalties and fines.  Government tickets and fines are one of the most common forms of debt.  Can these be discharged through a bankruptcy filing?  In Chapter 7 bankruptcy, section 523(a)(7) of the Bankruptcy Code specifically states that fines and penalties owed to or [...]

Often, people wait too long to file bankruptcy.  Considering bankruptcy to be a last resort is probably a wise thing to do, and there are often many things an individual can do to prevent bankruptcy.  However, waiting too long can mean that bankruptcy protects less of your assets than it might otherwise be able to, [...]

On Friday at about 5:00 p.m. local time, 34 individuals (from the court filings, it appears not represented by counsel) filed an involuntary chapter 11 bankruptcy petition against Bank of America, N.A. (a banking subsidiary of Bank of America Corporation (NYSE: BAC)).  In the petition, the individuals assert claims against Bank of America of between [...]

Everyone filing for Chapter 13 bankruptcy knows they will make a plan that must be approved by the bankruptcy court in order for them to proceed.  But what may be included in that plan?  The Bankruptcy Code uses vague terminology such as “fair” and “reasonable” to define what costs a debtor can claim are necessary [...]