An annuity that a debtor purchased from his bankruptcy lawyer does not qualify as exempt property in his Chapter 7 case, the 9th Circuit has ruled in affirming judgment. Several months before filing for bankruptcy, the debtor paid his attorney $10,000 for the purchase of a single-premium annuity. In his bankruptcy case, the debtor claimed that the annuity qualified as exempt property because it constituted life insurance under California law.
A U.S. Supreme Court decision that went against a debtor last week may actually prove to be a boon for future consumer debtors. In a 6-3 decision authored by Justice Clarence Thomas, the Court ruled that a bankruptcy trustee could seek to recover a debtor's personal property that she had declared exempt in her Chapter 7 case.
...The Bankruptcy Abuse Prevention and Consumer Protection Act of 20...Pp. 18–23. 541 F. 3d 785, affirmed in part, reversed in part, and remanded.... is someone with limited nonexempt property whose debts consist primarily of consumer debts. ... partnership’s employees and agents are exempted from §101(12A) in the same way as the employees a...)(D) (2006 ed.), a debtor’s petition for Chapter 7 relief is presumed abusive (and may therefore be...
...CHAPTER I: COMMODITY FUTURES TRADING COMMISSION. PART 190:: BANKRUPTCY. 190.01 - Definitions. For purposes of this part:... (and the money, securities, and/or other property margining, guaranteeing, or securing such position... 1 through 5) and to liquidations (chapter 7 with the exception of subchapter III), together wi... (kk)(1) of this section, fully paid, non-exempt securities identified on the books and records of ...
... as an adjunct to his personal bankruptcy. proceeding. Paolo claims that Congress intended ...[2]. Paolo then filed for Chapter 7 bankruptcy,. claiming $11,870 in exempt personall property and listing $682,812. in unsecured claims--includi...
One of the main points to consider in deciding whether to file a Chapter 7 bankruptcy is what property you can keep and what property you may have to give up. Illinois exemption laws allow a single person to keep up to $15,000.00 of their home's value. While married couples can exempt up to $30,000.00. If you know the amount of equity you have in your home then you can determine the likelihood of a Chapter 7 Trustee trying to sell your home in a Chapter 7 bankruptcy. If your equity is less than your entitled exemption your creditors and Chapter 7 Trustee will not be able to sell your home.
A bankruptcy trustee could seek to recover the amount by which a debtor undervalued personal property when she declared it exempt in her Chapter 7 case, the U.S. Supreme Court has ruled in a 6-3 decision. The decision reverses a ruling by the 3rd Circuit. (See "Bankruptcy trustee can't sell debtor's exempt property," Lawyers USA, Aug. 11, 2008. )
..., people with distressed mortgages file bankruptcy petitions in a federal courthouse. These filings w... and future income, and retention of property subject to a security interest in default. Part II...(7) Although Congress and state legislatures contempl... or bans on garnishment of wages, and exemptions of property interests from judgment lien enforceme... high-risk mortgages could be modified in Chapter 13. (18) . (4) "Avoidance" of mortgages or securit...
A debtor couldn't claim the proceeds of her husband's life insurance policies as exempt property in her bankruptcy case, the 6th Circuit Bankruptcy Appellate Panel has ruled in reversing judgment. The debtor and her husband filed a joint petition for Chapter 7 bankruptcy protection.
...In filing his petition under Chapter 7 of the Bankruptcy Code, petitioner Marrama misreepresented the value of his Maine property and that he had not transferred it during the prec...Under Chapter 7 the debtor's non- exempt assets are controlled by the bankruptcy trustee; u...
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