Reaffirmation Requires More than Checking a Box By Jonathan Ginsberg of Bankruptcy Law Network Much has been written on this blog about reaffirmation. BLN author Jed Berliner makes a compelling argument that reaffirmation in Chapter 7 is a bad idea – why should you assume personal liability for a debt and forgo up to 8…
Debtors will get to keep one year of earned income tax credits when filing bankruptcy in Kansas. A new law went into effect April 14, 2011, granting the exemption. This change in the law will prevent bankruptcy trustees from taking the portion of income tax refunds that is EITC, a valuable benefit for low to…
Certain dollar amounts in the bankruptcy code are adjusted every three years for changes in the cost of living. The next change will be April 1, 2010. 2010 Federal COLA adjustments
TAX REFUND ASSIGNMENTS AND CHAPTER 7 In re: Sydmark, Case No. 06-41218 In re: Black-Watkins, Case No. 05-42439 June, 2008, Judge Karlin Lamie v. US and Redmond v. Lentz, Hodes and Wagers redux. Assignment of a tax refund does not divest the estate of an interest in them, even though UCC1 was filed. In a…
Avoidance: The Bankruptcy Code permits the debtor to eliminate (avoid) some kinds of liens that interfere with (or impair) an exemption claimed in the bankruptcy. Most judgment liens that have attached to the debtor’s home can be avoided if the total of the liens (mortgages, judgment liens and statutory liens) is greater than the value…
Assets. Assets are every form of property that the debtor owns. They include such intangible things as business goodwill; the right to sue someone; or stock options. The debtor must disclose all of his assets in the bankruptcy schedules; exemptions remove the exempt assets from property of the estate.
I am frequently asked by people who are thinking of filing bankruptcy, “Will I lose my house if I file bankruptcy?” The fear of losing everything in bankruptcy is very real. Fortunately, in Kansas the protection our law has for your home is in our state constitution and statutes. That is quite different from other…
Kansans in financial distress often ask, “Will I will lose my home if I file bankruptcy?“ The simple answer is that most Kansans do not lose their home if they file for bankruptcy. We are lucky in Kansas to have a homestead law that protects one acre of land in the city and 160 acres…
Yes, both wage and bank account garnishments can be stopped by filing bankruptcy. Garnishments after the bankruptcy is filed violate the automatic stay. Ideally, you will file bankruptcy before the garnishment order is served on your employer or bank so none of your money is seized. But, if a garnishment order is already in place,…
Jan Michael Hamilton, standing chapter 13 bankruptcy trustee for cases filed in Topeka, was inducted into the American College of Bankruptcy Friday. Hamilton was in the private practice of law from 1973 through 1999 when he was named to the trustee post. Hamilton traveled to Washington, D.C., for the ceremony at the U.S. Supreme Court…
Question: Is my retirement account I have worked hard for all my life down the drain if I file bankruptcy? Generally, retirement accounts are protected in bankruptcy and you get to keep them in Kansas. KPERS, Kansas deferred compensation plan, Social Security, federal civil service, 401(k) plans, IRAs, Roth IRAs, 403(b) plans are types of…
