As a debtor’s attorney, one of my goals is to help my client protect as many of their assets as possible when filing for bankruptcy. The Bankruptcy Code allows us to shelter certain assets by declaring them as exempt.
More on How do Georgia Residents Protect Joint Tax Returns in a Joint Bankruptcy Filing?
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Usually, when I meet with a prospective bankruptcy client, the first question I get is “how long will it take me to recover after filing bankruptcy” and the second question I get is “will I have to give up my personal items like furniture and jewelry?”
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When I am meeting with clients, I get a lot of questions about retirement plans. Often, I see clients who have very little equity in property, and even less cash, but they may have $25,000 or $30,000 in an IRA or a 401(k). How does having several thousand dollars in a retirement plan impact your options regarding a bankruptcy filing?
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Social Media sites, and Facebook in particular, have changed the practice of law. Divorce lawyers regularly review the opposing party’s Facebook profile for evidence of adultery or hidden assets. Prosecutors present online photos to juries as evidence of guilty behavior. Bill collectors troll social media sites looking for assets and debtors.
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The United States Supreme Court rarely accepts cases that affect consumer bankruptcy debtors. Recently, however, the Court considered an issue that potentially impacts all debtors – the treatment of exemptions.
The term “exemptions” refers to property you own that is protected from the reach of the trustee or creditors. For example, every state provides for exemptions that include your clothes, a certain amount of household goods, a certain amount of equity your car, and a certain amount of equity in your home. Georgia has fairly stingy exemptions – you can read the Georgia exemption law by clicking on the link.
More on Ruling by Supreme Court Impacts Bankruptcy Exemptions in Georgia
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Not surprisingly, I get calls from small business owners who are contemplating personal bankruptcy when their businesses fail. There are many issues that arise in these types of cases but I would like to focus on one problem that, more than any other, can force the business owner into bankruptcy.
More on Does Your Landlord have any Obligations to Mitigate Damages if You Breach Your Lease?
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With a sluggish economy, I have met with an increasing number of small business owners who are considering personal bankruptcy to deal with credit card debt and personal loans, but who want to keep their business assets and credits separate. Is this possible.
More on Will a Personal Bankruptcy Affect my Small Business if I am Self Employed?
Last week I wrote a post about car titles. Specifically, I discussed the issues that arise when a bankruptcy debtor’s name appears on vehicle titles when theose vehicles are actually used, maintained and kept by the debtor’s parents. Now comes a similar related question about inherited money.
More on Can Mother’s Inheritance Be Designated for Kids’ Education if Mother Files Bankruptcy
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If you are financing your home purchase with a large mortgage company, there is a good chance that your lender has set up an escrow account to collect and pay your county real estate taxes. Mortgage companies escrow taxes and insurance to protect their interests – a lapse of insurance coupled with a fire or flood could destroy the loan collateral (your home) and a lapse of tax payments could lead to a tax sale.
More on Is Your Mortgage Company Making the Correct Property Tax Calculations?
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If you plan on filing bankruptcy after January 1 of next year or of any year, you need to speak with your lawyer regarding whether your income tax refund can be protected. If you overpaid your taxes and are due a refund, that refund becomes your property on January 1, even if you have not yet filed your return.
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