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Rapper DMX, aka Earl Simmons, 42, filed for Chapter 11 bankruptcy protection recently just days after leaving a South Carolina jail. The filing took place in the rapper’s native state of New York in Manhattan. According to his representative the filing will assist in reorganizing his finances to enable him to perform oversees this fall. [...]
Former Real Housewives of New Jersey star Danielle Staub was facing similar allegations to what Teresa Gudice is currently facing: bankruptcy fraud. Yet, a recent court appearance in July worked to settle out details from Staub’s 2012 filing. As a result, Danielle agreed to pay creditors $35,000 as part of the proposed settlement terms. The [...]
Schools cannot refuse to release your transcript or diploma just because your bankruptcy case discharged a debt for tuition. This ruling came down recently from the Seventh Circuit Court of Appeals, which covers Illinois, Wisconsin and Indiana. It is true that student loans cannot be discharged in bankruptcy, except in special circumstances, such has financial […]
Schools cannot refuse to release your transcript or diploma just because your bankruptcy case discharged a debt for tuition. This ruling came down recently from the Seventh Circuit Court of Appeals, which covers Illinois, Wisconsin and Indiana. It is true that student loans cannot be discharged in bankruptcy, except in special circumstances, such has financial […]
The very first thing you need to do before filing for Chapter 13 is to meet with an experienced attorney in your area to talk about your case. Most attorneys will have a bankruptcy questionnaire which you will fill out in advance or at your meeting. The questionnaire is a detailed listing of all of+ Read MoreThe post What do I need to do before filing for Chapter 13? appeared first on David M. Siegel.
Chapter 13 bankruptcy helps debtors reorganize debt obligations into an affordable 3 to 5 year repayment schedule. The amount you pay depends on a few factors such as your monthly income and the type of debt. Some debtors are under the impression that they must repay all of their debt under this plan. In many [...]
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for August 01, 2013 AMR Nears Bankruptcy Exit as Creditors Approve US Airways Merger Ambulance Company Fights to Avoid Bankruptcy Is Blackberry Doomed for Bankruptcy?
Two California men pled guilty in federal court to their roles associated with a foreclosure rescue scheme and bankruptcy fraud. The scheme helped the men collect $5 million from over 1,000 clients. Jesse Wheeler, 36, and Brent Medearis, 46, will be sentenced in September and each faces a maximum 5 year federal prison sentence along [...]
Federal Bankruptcy exemptions for filing Chapter 13 Bankruptcy are adjusted for inflation every three years. These exemptions are available to both Washington and Oregon consumers. The happy news is that all the exemptions amounts have increased. See below:
- Federal 11 USC 522(b) Exemption amounts
- Homestead exemption raised from $21,625 to$22,975
- Motor vehicle exemption raised from $3,450 to $3,675
- Wild-card exemption raised from $10,825 to $11,500
- Tools of trade exemption raised from $11,525 to$12,250
- Limit on IRA exemption raised from $1,171,650 to$1,245,475
If you are considering filing bankruptcy, it would be well worth your time to review both your state and federal exemptions. Keep in mind though that living in Oregon or Washington doesn’t mean that you can claim the state or federal exemptions as there are additional requirements for claiming either one. Moreover, some of the federal exemptions double for married couples and some of the exemptions can be combined for greater protection
Please feel free to contact our offices if you have any questions at all regarding either the federal exemptions, the allowable amounts for both married and single filers as well as your eligibility for them.
The original post is titled Increases in Federal Bankruptcy Exemption Protection , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
In what is being considered the largest municipal bankruptcy filing in U.S. history the city of Detroit seeks Chapter 9 protection. While the move was anticipated for some time by financial analysts, the city has seen a significant decline in a number of ways over the last several decades. The filing is being seen as [...]
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