There's a familiar saying that goes something like this: If it sounds too good to be true, then it is too good to be true. Said another way, if it's too good to be true, it must be a scam.
A recent study found that while bankruptcy attorney fees vary from state to state, between 2005 and 2009 fees averaged $1,080 to $1,200. In Idaho, fees were as little as $700. In other parts of the country, they can climb to $2,500.
According to the 5th Circuit Court of Appeals the answer is NO! In the case of In re Chilton, 426 B.R. 612 (Bankr. E.D. Tex. 2010), A bankruptcy debtor inherited an individual retirement account (IRA) from the debtor's deceased parent prior to the debtor's bankruptcy, and the debtor claimed an exemption in the property pursuant to 11 U.S.C.S. § 522(d)(12).
A equalization payment is a common why a litigant in adivorce gets bought out of his interest in a piece of marital real property. Let's say for example, the family residence subject to a divorce has $50,000 of equity, yes it still happens. During that divorce proceeding it is decided by the parties that the wife will receive the home as her sole a separate property. In exchange for this award, wife will pay to husband $25,000, which represents his interest in this community asset. The husband, after the divorce, is forced to file for bankruptcy. In his bankruptcy petition, the husband, now debtor, moves to exempt his $25,000 by utilizing the state's homestead exemption. Can he?
In HSBC Bank Nevada, N.A. v. Aguilar, the Appellate Division of the Los Angeles County Superior Court held that a bank was not required to present any proof in order to obtain a default judgment against a holder of a credit card.
The National Association of Consumer Bankruptcy Attorneys (NACBA) prepared a report regarding the dischargeability of student loans in the bankruptcy court. I have summarized the report below, but click here to review the entire report .