Can I keep my home if I file bankruptcy? Do I have to list the mortgage company? What if I’m behind on the payment? Can I still pay the mortgage payment online? Will they send me monthly statements? How do I know that the past due amounts were paid current? I want to file bankruptcy
| ASSET | EXEMPTION DESCRIPTION | LAW | IMPORTANT CASES & NOTES |
| Homestead | $60,000 of home equity. No more than 2 lots in City or Village, 160 acres farmland. Sales proceeds protected for 6 months. | §40-101, 40-111, 40-113 | Must reside in the home on the date the bankruptcy is filed to claim exemption. |
| Life Insurance & Annuity Contracts |
The 8th Circuit Court of Appeals has ruled that the Additional Child Tax Credit is a protected asset in bankruptcy cases filed in Missouri. In re Hardy, case number 14-1181 (2015). Are such tax credits exempt in Nebraska bankruptcy cases?
Missouri law protects a person’s right to receive a “Social Security benefit, unemployment
The 8th Circuit Court of Appeals has ruled that retirement funds rolled over from an Individual Retirement Account to purchase an annuity are exempt from the bankruptcy estate. In re Miller (No. 13-3682). Prior to filing bankruptcy, Joseph Miller, rolled over $267,319 from his IRA account to purchase an annuity contract from Minnesota Life
I had the pleasure of attending the Nebraska Association of Trial Attorneys seminar held at the Nebraska College of Law a week ago, and it got me thinking about how much trial attorneys need to understand about the bankruptcy process. In a nutshell, here are seven things every trial attorney should understand about bankruptcy.
1. Injury
The United States Supreme Court has ruled that inherited Individual Retirement Accounts (IRAs) are not protected under federal exemption laws. Clark v. Ramekers, 573 U.S. ____ (2014). Even though inherited IRAs are exempt under federal income tax laws, the court said they are not really “retirement funds” under Section 522(b)(3)(C) of the Bankruptcy
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 award exists. In re Mehlhaff, 2013 Bankr. LEXIS 944 (Bankr. D.S.D., Mar. 12, 2013).
Learning of new attacks being made against debtors who own Individual Retirement Accounts I am reminded of Al Pachino’s line in the last Godfather movie: “Just when I thought I was out, they pull me back in!” As reported by Illinois law professor Robert M. Lawless in a recent article posted on CreditSlips.org
In a few weeks taxpayers will begin filing their 2012 tax returns, and for those taxpayers who are also filing bankruptcy at the same time a large number of them will forfeit the refund to the Chapter 7 Trustee. For nearly 20 years I have witnessed the Chapter 7 Trustee seize tax refunds from unsuspecting debtors.
Two new court opinions were recently handed down by the 5th and 10th Circuit Court of Appeals on the issue of whether Social Security income is considered “projected disposable income” under the Bankruptcy Code. Projected disposable income is income that must be paid over to creditors during a 3 to 5 year Chapter 13 payment plan.
In the