The Bankruptcy Court of the Western District of Michigan recently held that a spendthrift provision in a trust was negated by other trust provisions, and resulted in a debtor’s beneficial interest in the trust becoming property of the estate.1

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 23, 2013 Detroit bankruptcy raises concerns about other US cites under huge retiree debt Detroit Retirees Wonder How Bankruptcy Will Affect Benefits Mi Pueblo files for Chapter 11 bankruptcy  

Married couples may benefit from filing a joint bankruptcy petition under certain circumstances.  Couples may save money during the process and gain adequate protection for assets and property between them.  Yet, there are a few details to review in understanding the process and whether a joint petition is the best option. The process is similar [...]

A reasonable question posed about the student loan debate is whether the anxiety about costs is really anxiety about jobs after graduation? That’s one of the issues spotted in a recent blog post by an unnamed Community College Dean, and it bears consideration.

Filing for bankruptcy has helped many debtors save their home by giving them more time to get caught up on payments or even prevent foreclosure.  But, if you are considering Chapter 7 as an option regarding missed mortgage payments, you may need to review this with your bankruptcy attorney to see if this will remedy [...]

He thought he got a great deal on his Chapter 7 bankruptcy. Coming out of the meeting of creditors, he realized just how much it cost him.
A few months back I was waiting with a client for their meeting of creditors to be held. It was the typical setup: lots of nervous people, a few lawyers scurrying around, and me – talking nonsense with my client.

Oregon consumers have traditionally been at a severe disadvantage in bankruptcy compared to consumers in Washington due to Oregon’s failure to allow its consumers to claim the federal exemptions to protect their property in bankruptcy. Ever since I started practicing bankruptcy thirteen years ago, I have had to watch as my Washington clients kept all of their property in bankruptcy while my Oregon clients have often had to turn over their tax refund or wages owed to them on the date of filing or the contents of their bank accounts.

When you file bankruptcy, the automatic stay goes into effect which stops collection attempts from creditors.  Yet, this may have a different effect on a tax lien depending on your situation.  A tax lien is when a taxing authority, such as the Internal Revenue Service (IRS) or state government, places a lien on your property [...]

Any exploration of this topic requires an understanding of reaffirmation agreements. Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate. This is a good thing (especially when dealing with second or third mortgages), since a signed Reaffirmation Agreement causes you... Read More »