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
Topeka Attorneys Helping You Get The Fresh Start Only The Federal Bankruptcy Laws Can Give You
Category Archives: Exemptions & What You Get to Keep
Tax Refunds to Attorney Fees then Bankruptcy Trustee
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 Chapter 7 case, refunds, [...]
What is Bankruptcy Lien Avoidance?
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 [...]
What are Assets in Bankruptcy?
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.
Will I Lose My House If I File Bankruptcy?
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 [...]
Can They Take My Home Away from Me if I File Bankruptcy in Kansas?
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 [...]
Bankruptcy Stops Garnishment
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, seizure [...]
Topeka Chapter 13 Trustee Inducted into American College of Bankruptcy
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 building. [...]
Will I Lose My Retirement Fund if I File Bankruptcy?
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 retirement [...]
Kansas Median Income Goes Up on Bankruptcy Means Test
The Kansas median income has increased giving debtors a raise on the bankruptcy means test for cases filed on or after March 15, 2009. The new figures by family size are:
one earner $41,004
two people $56,146
three people $63,245
four people $74,626
* Add $6,900 for each individual in excess of 4.
Do I Have Other Options for Secured Debts Other than Reaffirmation?
You may be able to keep the collateral on a secured debt by paying the creditor in a lump sum the amount the item is worth rather than what you owe on the loan. This is your right under the bankruptcy law to “redeem” the collateral.
Redeeming collateral can save you hundreds of dollars. Because furniture, [...]
Do I Still Owe Secured Debts (Mortgages, Car Loans) After Bankruptcy?
Yes and No. The term “secured debt” applies when you give the lender a mortgage, deed of trust, or lien on property as collateral for a loan. The most common types of secured debts are home mortgages and car loans. The treatment of secured debts after bankruptcy can be confusing.
Bankruptcy cancels your personal legal obligation [...]
Debtors Arrested for Ignoring Bankruptcy Court Orders, Spending Tax Refunds
Spending a tax refund that belongs to a bankruptcy estate or ignoring court orders may get you arrested by the U.S. Marshals Service and brought before the bankruptcy judge for contempt of court.
The moral of the story is don’t spend your tax refunds without talking to your bankruptcy lawyer first to make sure they are [...]
Tax Refund in Bankruptcy
Cathy Moran on the Bankruptcy Soapbox reminds us of an important asset in bankruptcy: tax refunds.
Your federal and state income tax refunds are property of the bankruptcy estate when you file bankruptcy in Kansas. That is true for all refunds you are entitled to receive on the date your bankruptcy is filed, which includes the [...]
Can I Own Anything After Bankruptcy?
Yes! Many people believe they can not own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after filing [...]
What Will Happen to My Home and Car If I File Bankruptcy?
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
However, some of your [...]
What Property Can I Keep?
In a chapter 7 case, you can keep all property which the law says is “exempt” from the claims of creditors.
It is important to check the exemptions that are available in the state where you live. (If you moved to your current state from a different state within two years before your bankruptcy filing, you [...]
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Jill Michaux & Mark Neis
Attorneys at Law
Bankruptcy Law Office
Neis & Michaux, P.A.
825 Bank of America Tower
534 S. Kansas Ave., Ste. 825
Topeka, KS 66603-3446
T: 785-354-1471
F: 785-354-1170
lawyers@neismichaux.com
Board Certified in
Consumer Bankruptcy Law
by the American Board of
Certification