Articles from Shenwick & Associates

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Tax refunds and bankruptcy

Submitted by Anonymous (not verified) on Thu, 03/28/2013 - 16:42

While many people are busy preparing their tax returns, in this post we will focus on the treatment of tax refunds in bankruptcy.

Transfers of Property between Spouses after a Spouse has been sued or is Insolvent

Submitted by Anonymous (not verified) on Sun, 03/17/2013 - 04:16

At Shenwick & Associates, we often get questions from clients if they may transfer a house from one spouse to another after being sued or prior to a bankruptcy filing:An upstate bankruptcy court addressed this question and held that such a transfer could be a fraudulent conveyance and set aside. The name of the case was In re Tina M. Panepinto, 12-11230. U.S. Bankruptcy Court, Western District 12-11230In In re Tina M. Panepinto,  a wife  who was insolvent owned a wholly-exempt homestead (house) free-and-clear, and (without consideration) transferred her half ownership to her husband.

The Means Test and the Marital Adjustment

Submitted by Anonymous (not verified) on Thu, 03/07/2013 - 02:05

In In re Pamela Persaud, case No. 12-43602-CEC, US Bankruptcy Court, EDNY, February 4, 2013 involved the Means Test, the presumption of abuse and what expenses can be deducted in calculating the Means Test. On Line 17 of the Means Test, the Debtor deducted $5,742.19 form the total monthly income as a "marital adjustment", which she claimed is income of her husband that was not regularly contributed for household expenses.

Another Case Where a Rent Stabilized Lease was sold by a Bankruptcy Trustee

Submitted by Anonymous (not verified) on Thu, 03/07/2013 - 01:42

In re Mary Veronica Santiago-Monteverde No. 11-15494 (JMP) SDNY April 10, 2012,  is another case where a bankruptcy judge in the Southern District of New York held that a bankruptcy trustee was allowed to sell a debtor's rent stabilized lease to her landlord. Ms. Mary Veronica Santiago-Monteverde  lived in the East Village, in New York and after she filed for chapter 7 bankruptcy, her landlord, East 7th Street Development Corp. made an offer to the Bankruptcy Trustee to purchase her interest in the lease.

Can my pension money be taken by a creditor or a bankruptcy trustee in a chapter 7 personal bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 08:13

Pension money that is in a tax qualified pension plan such a Roth or IRA may be kept in a chapter 7 personal bankruptcy, provided that it does not exceed $1,171,650. Pension money is a 401(k), 403(b), SEP or a defined benefit plan, in any amount, is exempt in bankruptcy and may not be taken or seized by a bankuptcy trustee.

Can I keep a car or automobile if I file for chapter 7 personal bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 08:06

In New York a debtor can file bankruptcy and keep 1 car that has no more than $4,000 of equity. If the car or automobile is new or has a loan, equity is calculated by taking the difference between the value of the car and the outstanding loan against the car. To determine the value of a car, a debtor can get a letter from an automobile dealer appraising the car or use the Kelly Blue book values

How much is the homestead exemption in New York?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 08:03

The homestead exemption in Kings, Queens, New York, the Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam counties is $150,000 per debtor. If a married couple files for bankruptcy and they both own real estate the exemption is $300,000.

How long is a credit counseling certificate good for?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:58

180 days! Accordingly do not take the course if you are not ready to file for personal bankruptcy because 180 days passes you will need to retake it.

How do I rehabilitate my credit after I file for personal bankruptcy?

Submitted by Anonymous (not verified) on Sun, 03/03/2013 - 07:55

By saving as much money as possible and by using credit is a responsible way. A debtor should get a securitized credit card after the bankruptcy filing and then charge and repay on that card. After 6 months of using the securitized credit card, call the bank and ask that the credit limit on the securitized credit card be increased and this process will rehabilitate a debtors credit.

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