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Chapter 13 Bankruptcy Archives

Are Inherited IRA's Exempt From The Bankruptcy Estate?

401k-nest-egg-thumb-275x226-46874.gifAccording 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).

Are Equalization Payments A Debtor Receives In Exchange For A Transfer Of Interest In A Marital Piece of Real Property Protected By A Homestead Exemption?

divorce property division settlement-thumb-275x190-44617.jpgA 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?

Banks Are Not Required To Present Any Proof In Order To Obtain Default Judgment

debt-consolidation-reverse1-thumb-275x275-41846.jpgIn 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.

Rejected Residential Lease Was Not Terminated In Bankruptcy

This dispute arose in the bankruptcy court when the debtors defaulted on the terms of their prepetition lease, which was terminated as a result of it being deemed rejected.
These Chapter 7 debtors filed for bankruptcy 10 days after signing an apartment lease. They did not schedule the landlord as a creditor. They did not disclose the lease on Schedule G. Pursuant to Section 365, the lease was deemed rejected 60 days postpetition because the trustee did not assume or reject it. Two months after the debtors received their discharge, the debtors stopped paying their rent. The landlord sued the debtors, obtaining a judgment for $8,929 for past due rent. The debtors asked for reconsideration on the basis that any rent obligation was discharged in their Chapter 7 bankruptcy.

The Student Loan Debt Bomb: America's Next Mortgage Economic Crisis

student-loan-consolidation-thumb-275x237-35572.jpgThe 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 .

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