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  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 Life insurance or annuity contract proceeds to $100,000 §44-371 Exemption only applies to cash values accrued more than 3 years prior to filing bankruptcy. Fraternal benefit society benefits of up to $100,000 44-1089 Retirement/Pension Stock, Pension, or Similar Plan or Contract. §25-1563.01 Limited to an amount “reasonably necessary” for the support of the debtor. Tax Exempt Retirement Accounts 11 U.S.C. §522 In re Euse (2011) Nebraska debtors qualify for the federal exemption of tax deferred retirement accounts in addition to §25-1563.01. County Employees §23-2322 Military Disability Benefits to $2,000 §25-1559 School Employees §79-1060, 79-1552 State Employees §84-1324 State Patrolmen §60-459, §81-2031 Legislators §24-710.02 Judges §50-916 Burial Plot §12-517 Crypts, lots, tombs, niches & vaults §12-605 Perpetual Care Funds §12-511 Clothing §25-1556 Food & Fuel to last 6 months §25-1556 Household Goods & Furniture $1,500 per debtor §1556
1 week 6 days ago
Acclaim Legal Services is proud to announce that long-time firm colleague, Attorney Kevin Carr, has joined our practice.  Attorney Carr is a seasoned veteran of debt resolution law.  He has over 35 years of experience and previously ran his own bankruptcy practice, Carr & Associates.  Attorney Carr will primarily manage Acclaim Legal Service’s (ALS) Dearborn […] The post Detroit Bankruptcy Attorney Kevin Carr Joins Acclaim Legal Services appeared first on Acclaim Legal Services, PLLC.

Read More from: Acclaim Legal Services

1 week 6 days ago
Often, when folks are in Chapter 13 Bankruptcy, their income will change and they find themselves unable to make the trustee payment. What do they do then ? You would immediately contact your attorney who would sit down with you in the office and consider the options. You would possibly have the option of lowering the percentage you are paying to unsecured creditors, thereby lowering your plan payment.  A motion would need to be filed by your attorney and approved by the Bankruptcy Judge. There could also be the option of converting your Chapter 13 Bankruptcy to a Chapter 7 Bankruptcy or dismissing your Chapter 13 Bankruptcy and filing a new Chapter 7 Bankruptcy. Your attorney will guide you in which option is best for you. The most important thing of all is to contact your attorney immediately as soon as your income changes !
1 week 6 days ago
Original Plan When a chapter 13 bankruptcy case is filed, an original plan is also filed with the court. The original plan is put forward to notify creditors, the trustee, and the court as to how the debtor proposes to repay creditors over a three to five-year period. The original plan is not likely to+ Read More The post Amending The Chapter 13 Plan For Confirmation appeared first on David M. Siegel.
1 week 6 days ago
While it’s unlikely that you will get approved for a $400,000 mortgage with a 500 credit score, you may have options if you’re looking to purchase a new home with less than perfect credit. More and more private lenders are focusing on things other than FICO score to determine eligibility for a home loan. Claiming that fewer millennials are actually using credit cards and pointing to the widespread medical and student loan debt that is negatively impacting scores, many lenders say that your “number” may not tell the whole story about your suitability to borrow and manage money. Some of the things they’re examining include: Liquidity and Income It’s more important that you’re able to demonstrate a cumulative pattern of savings and financial responsibility than anything else. If you can produce bank statements that illustrate that you’ve been saving and are fully committed to the responsibility of homeownership, an outstanding medical bill may not be so much of an issue. Rent Payment History
1 week 6 days ago
More than a decade after his Chicago hospital collapsed into bankruptcy, Peter Rogan faces a reckoning. Mr. Rogan last week pleaded not guilty to criminal charges accusing him of trying to evade creditors from collecting nearly $200 million in legal judgments against him in connection with the fraud that brought down Edgewater Hospital and Medical Center. According to the Chicago Tribune, Mr. Rogan faced a $64 million civil judgment in a lawsuit accusing him of submitting false Medicare and Medicaid claims on the hospital’s behalf and another $124 million judgment from a hospital creditor. Prosecutors now say that Mr. Rogan worked with his lawyer to avoid paying up, taking such steps as hiding a trust account. Court records show that after entering his not guilty plea in Chicago, Mr. Rogan was taken into custody. He will return to federal court Wednesday for a detention hearing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
More than a decade after his Chicago hospital collapsed into bankruptcy, Peter Rogan faces a reckoning. Mr. Rogan last week pleaded not guilty to criminal charges accusing him of trying to evade creditors from collecting nearly $200 million in legal judgments against him in connection with the fraud that brought down Edgewater Hospital and Medical Center. According to the Chicago Tribune, Mr. Rogan faced a $64 million civil judgment in a lawsuit accusing him of submitting false Medicare and Medicaid claims on the hospital’s behalf and another $124 million judgment from a hospital creditor. Prosecutors now say that Mr. Rogan worked with his lawyer to avoid paying up, taking such steps as hiding a trust account. Court records show that after entering his not guilty plea in Chicago, Mr. Rogan was taken into custody. He will return to federal court Wednesday for a detention hearing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
More than a decade after his Chicago hospital collapsed into bankruptcy, Peter Rogan faces a reckoning. Mr. Rogan last week pleaded not guilty to criminal charges accusing him of trying to evade creditors from collecting nearly $200 million in legal judgments against him in connection with the fraud that brought down Edgewater Hospital and Medical Center. According to the Chicago Tribune, Mr. Rogan faced a $64 million civil judgment in a lawsuit accusing him of submitting false Medicare and Medicaid claims on the hospital’s behalf and another $124 million judgment from a hospital creditor. Prosecutors now say that Mr. Rogan worked with his lawyer to avoid paying up, taking such steps as hiding a trust account. Court records show that after entering his not guilty plea in Chicago, Mr. Rogan was taken into custody. He will return to federal court Wednesday for a detention hearing.

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
Apple realizes that retailers are uniquely well-positioned to encourage mobile payments adoption. That's why the company's decision to start accepting retailer loyalty cards on Apple Pay before launching a loyalty program of its own makes good sense.

Read More from: BankThink

1 week 6 days ago
In a decision that has already prompted much discussion and debate amongst the bankruptcy bar, the Supreme Court held in Baker Botts LLP v. ASARCO that under section 330(a)(1) of the Bankruptcy Code, estate professionals are not entitled to fees for defending fee applications.  The Court found that in drafting the Bankruptcy Code, Congress had not expressly departed from the American Rule, which provides that each side must pay its own attorney’s fees, unless a statute or contract provides otherwise.  Background:
1 week 6 days ago
Wall Street Journal Jimmy Lee, the JPMorgan Chase vice chairman who unexpectedly died last week, will be "irreplaceable," according to CEO Jamie Dimon. Lee was responsible for being the point man to JPMorgan's top corporate clients; his duties will be farmed out to several executives. One example of Lee's importance: when General Electric earlier this year decided to sell off its GE Capital banking unit, Dimon and Lee were both summoned to a GE conference roomÂ...

Read More from: BankThink

1 week 6 days ago
Determining regulatory requirements based on banksÂ' activities rather than their size would liberate old-school institutions from unnecessary burdens without endangering the financial system.

Read More from: BankThink

1 week 6 days ago
“Stop in the name of love, before you break my heart” That’s what bankruptcy lawyers are now proclaiming in the wake of Baker Botts v. Asarco, in which the Supreme Court held that the debtor’s law firm could not be paid its “fees on fees” in defending against an objection to their fees. Two disclaimers. First, our firm represented the winning party in Baker Botts. Second, I am a bankruptcy lawyer and I would like to be paid all of my fees, including fees on fees. But it ain’t right or, at least, it ain’t what Congress authorized in Bankruptcy Code § 330. Baker Botts presented a conflict between competing principles. The first principle is the American Rule, which says that each party to litigation pays its own fees unless there is law that expressly provides otherwise. The second principle is that, in Chapter 11, estate professionals must file applications to approve their fees and anyone in the case can object. Because of this second principle, as well as the multi-party dynamics of Chapter 11 proceedings, there may often be the need to defend fees in a Chapter 11 setting.

Read More from: Basis Points

1 week 6 days ago
Sale signs greet customers walking to the RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20, 2015. The store is among the Central Indiana Radio Shacks slated to close in the wake of the company’s Feb. 5 bankruptcy filing. (AP Photo/The Chronicle-Tribune, Jeff Morehead) Published Credit: The Chronicle-Tribune/Associated Press
The Chronicle-Tribune/Associated Press
Bankruptcy lawyers are counting the take from the liquidation of the former RadioShack Corp., getting closer to final figures on the damage from the retailer’s collapse while fending off a bid to push them out of the case in favor of a trustee. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
Sale signs greet customers walking to the RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20, 2015. The store is among the Central Indiana Radio Shacks slated to close in the wake of the company’s Feb. 5 bankruptcy filing. (AP Photo/The Chronicle-Tribune, Jeff Morehead) Published Credit: The Chronicle-Tribune/Associated Press
The Chronicle-Tribune/Associated Press
Bankruptcy lawyers are counting the take from the liquidation of the former RadioShack Corp., getting closer to final figures on the damage from the retailer’s collapse while fending off a bid to push them out of the case in favor of a trustee. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
Sale signs greet customers walking to the RadioShack at Valley View Plaza in Marion, Ind., on Friday, Feb. 20, 2015. The store is among the Central Indiana Radio Shacks slated to close in the wake of the company’s Feb. 5 bankruptcy filing. (AP Photo/The Chronicle-Tribune, Jeff Morehead) Published Credit: The Chronicle-Tribune/Associated Press
The Chronicle-Tribune/Associated Press
Bankruptcy lawyers are counting the take from the liquidation of the former RadioShack Corp., getting closer to final figures on the damage from the retailer’s collapse while fending off a bid to push them out of the case in favor of a trustee. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

Read More from: WSJ.com: Bankruptcy Beat

1 week 6 days ago
Saratoga Resources and 4 affiliates filed for protection under Chapter 11 of the United States Bankruptcy Code on June 18, 2015 In the United States Bankruptcy Court for the Western District of Louisiana under Case No. 15-50748. The Debtors in the proceedings areHarvest Oil & Gas, LLC (“Harvest Oil”), Saratoga Resources, Inc. (“Saratoga”), The Harvest Group LLC (“Harvest Group,” and together with Harvest Oil, the “Harvest Companies”), Lobo Operating, Inc. (“Lobo Operating”), and Lobo Resources, Inc. (“Lobo Resources” and together with Lobo Operating, the “Lobo Companies”). The Debtors discuss the filing: 2009 Chapter 11 Filing “”In order to preserve the companies’ equity, on March 31, 2009, the Debtors each filed a voluntary petition in this Court for reorganization relief under chapter 11 of title 11 of the Bankruptcy Code, Case Nos. 09-50397 through 09-50401 (“2009 Bankruptcy”). “On April 19, 2010, this Court entered an order [ECF No. 1101, 09-50397] (the “Confirmation Order”) [ECF No. 1101, 09-50397] confirming the Debtors’ Third Amended Plan of Reorganization (as Modified as of March 31, 2010) [ECF No. 1074, 09-50397] (the “2010 Plan”). On May 14, 2010 (the “Effective Date”), the Debtors filed a notice of the occurrence of the Effective Date with the Bankruptcy Court [ECF No. 1129, 09-50397] and the 2010 Plan became effective and was substantially consummated.

Read More from: Richard G. Grant, P.C.

2 weeks 24 min ago
American consumer debt increased steadily in April as credit-card use surged. At the same time,  education and vehicle debt grew at the slowest pace since July 2012.   While economists typically see a pickup in consumer debt as a strong indicator of consumer confidence; however, the growth could also be a sign that money is scarce for many households and that consumer debt is the only option left on the table. It seems like the latter explanation is a little more plausible. After all, if consumer confidence were really on the rise, why would car loans be declining. Our suspicion is that for most Oregonians, economic instability is what is really causing the spike in consumer debt. In any event, watching a ramp up in consumer debt accompanied by the near loan shark interest rates that the banks are now permitted to legally charge without any trace of shame, all I can say is that isn’t our first time at the rodeo. We know how this turns out.   The original post is titled Increase in Consumer Debt , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .

Read More from: Oregon Bankruptcy Lawyer

2 weeks 10 hours ago
What Congress took away ten years ago, the California legislature may give back if SB 308 becomes law. When the Bankruptcy Code was amended in 2005, Congress gifted the car finance industry with a plum:  those who filed bankruptcy could no longer make their car payments  after bankruptcy and count on keeping their cars. Instead debtors were faced with giving up their bankruptcy discharge as to the car loan or giving up their car to the lender. Without a reaffirmation agreement, bankruptcy filers had to worry that they’d come out some morning and find their car repoed, even when the payments were current. Hardly seems fair, but, hey, this was the auto lobby and Congress. Keep and pay may return The California Assembly takes up a bill this month that would prohibit car lenders from declaring a car loan in default just because the borrower filed bankruptcy. The borrower has to keep paying for the car if she wants to keep it, but she doesn’t have to give up the bankruptcy discharge of the car loan to do so. The return of ride-through is just one of the long needed provisions of Senator Bob Wieckowski’s bill to improve California exemptions. Other standout changes proposed by the bill include:
2 weeks 1 day ago
A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the need to hold bankers accountable for criminal deeds and whether the FDIC's proposed recordkeeping requirement is smart planning or pointless.

Read More from: BankThink

2 weeks 2 days ago

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