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
The Nebraska Bankruptcy Court has issued a new opinion extending greater protection to vehicles owned by unemployed debtors. In the case of Angelita Quintero decided on August 22, 2012, the Court expanded the “Tool of the Trade” exemption provided under Neb. Rev. Stat 25-1556(4) which allows up to $2,400 of protection for a vehicle used
In every state there exists a list of property that is protected from creditor garnishments and property seizures. We call these laws Exemptions. In theory, these laws are designed to prevent creditors from taking away everything a person owns, but in practice few debtors know how to assert their exemption rights and they often
The Nebraska Bankruptcy Court has ruled that an unmarried debtor who resided in his home with his long-time girlfriend cannot protect the equity in his home under the Nebraska Homestead Exemption. See In re Chrisman, Nebraska Bankruptcy Case 11-41281-TJM. The debtor, Mark Chrisman, filed Chapter 7 in May of 2011 and listed a home
Can you keep your motorcycle if you file bankruptcy? Over the years I have learned that many folks value their motorcycle above all other possessions. I recently caught the motorcycle bug myself and I am preparing to get my license as I write this blog post.
The answer to the above question depends on several
Upon the filing of a bankruptcy petition, all collection activity is immediately stopped, including ongoing lawsuits and wage garnishments. What few people or their attorneys are aware of, however, is the power of bankruptcy to recover garnished wages and bank accounts that take place in the 90 days prior to filing bankruptcy.
In a recent
Nebraska Bankruptcy Judge Thomas Saladino has issued a written opinion protecting funds held in an Individual Retirement Account (IRA). Creditor First National Bank of Wahoo objected to Troy Euse’s claim of an exemption protecting $163,000 held in his IRA account and another $240,000 in a 401(k) retirement account, case number 10-43179.
The debtor claimed