The 8th Circuit Bankruptcy Appellate Panel has issued a new opinion that is really causing a lot of anxiety and uncertainty about the exemption status in bankruptcy cases of retirement accounts awarded to debtors during a divorce case.
If a debtor is awarded
Money is a complicated topic. It is often very obvious what a person must do to improve their financial situation, but getting someone to change their financial habits and attitudes is hard. Good financial advice seems to go in one ear and
As a general rule, you are not responsible for the debts of your spouse. Also, if you marry someone you do not become obligated to pay the debts they incurred prior to the marriage.
But there is one major exception to these rules. You
A new court opinion issued by the 8th Circuit Court of Appeals declares that alimony is part of the bankruptcy estate and can be liquidated by the Chapter 7 Trustee unless a specific state exemption protecting the alimony
A recent ruling by the Nebraska Bankruptcy Court underscores one of the primary differences between the treatment of divorce debts in Chapter 7 and Chapter 13 cases. (See
In re Schulz, Nebraska Adversary Case #12-04070).
Recently, a new client filed an
emergency bankruptcy petition to stop a trial that was scheduled to take place later that week. (An emergency petition is a case where the debtor does not file all the asset,