Lawyers USA Online » Chapter 7 http://lawyersusaonline.com Your Business Partner Fri, 24 May 2013 20:05:18 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Annuity bought with inherited funds may be exempt in bankruptcy  http://lawyersusaonline.com/blog/2013/02/26/annuity-bought-with-inherited-funds-may-be-exempt-in-bankruptcy/ http://lawyersusaonline.com/blog/2013/02/26/annuity-bought-with-inherited-funds-may-be-exempt-in-bankruptcy/#comments Tue, 26 Feb 2013 16:50:19 +0000 Pat Murphy http://lawyersusaonline.com/?p=91583 A single-premium fixed annuity purchased with inherited funds may qualify for a bankruptcy exemption under state law, the Georgia Supreme Court has ruled.

The decision answered certified questions submitted by the 11th U.S. Circuit Court of Appeals.

The debtor inherited $220,000 from a relative. When the debtor was 65, she
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]]> http://lawyersusaonline.com/blog/2013/02/26/annuity-bought-with-inherited-funds-may-be-exempt-in-bankruptcy/feed/ 0 Bankruptcy filings continue to decline  http://lawyersusaonline.com/blog/2013/02/07/bankruptcy-filings-continue-to-decline-4/ http://lawyersusaonline.com/blog/2013/02/07/bankruptcy-filings-continue-to-decline-4/#comments Fri, 08 Feb 2013 04:03:59 +0000 Kimberly Atkins http://lawyersusaonline.com/?p=91200 WASHINGTON – In a continuation of the downward trend that began in 2011, bankruptcy filings in federal courts declined during calendar year 2012, according to data released by the Administrative Office of the U.S. Courts.

According to the data, 1,221,091 bankruptcies were filed in 2012, a 13 percent drop from
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]]> http://lawyersusaonline.com/blog/2013/02/07/bankruptcy-filings-continue-to-decline-4/feed/ 0 Divorce obligation can’t be discharged in bankruptcy  http://lawyersusaonline.com/blog/2013/01/02/divorce-obligation-cant-be-discharged-in-bankruptcy/ http://lawyersusaonline.com/blog/2013/01/02/divorce-obligation-cant-be-discharged-in-bankruptcy/#comments Wed, 02 Jan 2013 19:23:34 +0000 Pat Murphy http://lawyersusaonline.com/?p=90319 A divorced man’s obligation to pay off a marital debt in the form of a line of credit was not discharged in his bankruptcy case, the Missouri Court of Appeals has ruled in reversing judgment.

At the time of the divorce, the parties owed $18,400 on a U.S. Bank line
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]]> http://lawyersusaonline.com/blog/2013/01/02/divorce-obligation-cant-be-discharged-in-bankruptcy/feed/ 0 Rule would speed retirement payments from bankrupt firms  http://lawyersusaonline.com/blog/2012/12/20/rule-would-speed-retirement-payments-from-bankrupt-firms/ http://lawyersusaonline.com/blog/2012/12/20/rule-would-speed-retirement-payments-from-bankrupt-firms/#comments Thu, 20 Dec 2012 15:28:15 +0000 Kimberly Atkins http://lawyersusaonline.com/?p=90047 WASHINGTON – A new rule proposed by the U.S. Department of Labor would make it easier for trustees of companies in Chapter 7 bankruptcy to distribute assets from its retirement plans.

The rule from the agency’s Employee Benefits Security Administration would allow bankrupt companies’ trustees to use the agency’s Abandoned
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]]> http://lawyersusaonline.com/blog/2012/12/20/rule-would-speed-retirement-payments-from-bankrupt-firms/feed/ 0 Chapter 7 case dismissed for ‘abuse’  http://lawyersusaonline.com/blog/2012/12/17/chapter-7-case-dismissed-for-abuse/ http://lawyersusaonline.com/blog/2012/12/17/chapter-7-case-dismissed-for-abuse/#comments Mon, 17 Dec 2012 19:12:56 +0000 Pat Murphy http://lawyersusaonline.com/?p=89954 Chapter 7 debtors could have their case dismissed based on a finding that they “abused” the process by attempting to retain certain luxury items they could have sold to help satisfy their debts, the 11th Circuit has ruled in affirming judgment.

The debtors are married. After they filed for Chapter
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]]> http://lawyersusaonline.com/blog/2012/12/17/chapter-7-case-dismissed-for-abuse/feed/ 0 Divorce obligation wasn’t discharged in bankruptcy  http://lawyersusaonline.com/blog/2012/12/11/divorce-obligation-wasnt-discharged-in-bankruptcy/ http://lawyersusaonline.com/blog/2012/12/11/divorce-obligation-wasnt-discharged-in-bankruptcy/#comments Tue, 11 Dec 2012 18:11:34 +0000 Pat Murphy http://lawyersusaonline.com/?p=89847 A divorced woman’s obligation to pay 50 percent of her ex-husband’s federal income taxes was not discharged in her Chapter 7 case, the New Hampshire Supreme Court has ruled in reversing judgment.

The parties divorced in 2007. The divorce decree required the wife to pay 50 percent of the husband’s
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]]> http://lawyersusaonline.com/blog/2012/12/11/divorce-obligation-wasnt-discharged-in-bankruptcy/feed/ 0 Bankruptcy judge lacked power to remedy fraud  http://lawyersusaonline.com/blog/2012/12/06/bankruptcy-judge-lacked-power-to-remedy-fraud/ http://lawyersusaonline.com/blog/2012/12/06/bankruptcy-judge-lacked-power-to-remedy-fraud/#comments Thu, 06 Dec 2012 16:28:54 +0000 Pat Murphy http://lawyersusaonline.com/?p=89753 A bankruptcy judge lacked the constitutional authority to enter a final judgment in a fraudulent conveyance action against a nonclaimant to a bankruptcy estate, the 9th Circuit has ruled.

Before filing for Chapter 7 bankruptcy protection, an insurance agency deposited $373,000 in commission income into an account controlled by a
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]]> http://lawyersusaonline.com/blog/2012/12/06/bankruptcy-judge-lacked-power-to-remedy-fraud/feed/ 0 Bankruptcy trustee must return funds upon conversion  http://lawyersusaonline.com/blog/2012/11/08/bankruptcy-trustee-must-return-funds-upon-conversion/ http://lawyersusaonline.com/blog/2012/11/08/bankruptcy-trustee-must-return-funds-upon-conversion/#comments Thu, 08 Nov 2012 17:46:17 +0000 Pat Murphy http://lawyersusaonline.com/?p=89064 A bankruptcy trustee was required to return funds acquired post-petition upon the conversion of the debtor’s plan from Chapter 13 to Chapter 7, the 3rd Circuit has ruled in affirming judgment.

The debtor filed for Chapter 13 protection and obtained confirmation of a reorganization plan that called for monthly payments
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]]> http://lawyersusaonline.com/blog/2012/11/08/bankruptcy-trustee-must-return-funds-upon-conversion/feed/ 0 Wife’s transfer in divorce avoidable in bankruptcy  http://lawyersusaonline.com/blog/2012/10/02/wifes-transfer-in-divorce-avoidable-in-bankruptcy/ http://lawyersusaonline.com/blog/2012/10/02/wifes-transfer-in-divorce-avoidable-in-bankruptcy/#comments Tue, 02 Oct 2012 16:21:01 +0000 Pat Murphy http://lawyersusaonline.com/?p=88140 A wife’s transfer of her share of the marital residence in her divorce case was properly set aside as a fraudulent transfer when she subsequently filed for bankruptcy, the 6th Circuit Bankruptcy Appellate Panel has ruled in affirming judgment.

The debtor quitclaimed her interest in the marital residence to her
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]]> http://lawyersusaonline.com/blog/2012/10/02/wifes-transfer-in-divorce-avoidable-in-bankruptcy/feed/ 0 State can authorize bankruptcy-specific exemptions  http://lawyersusaonline.com/blog/2012/08/22/state-can-authorize-bankruptcy-specific-exemptions/ http://lawyersusaonline.com/blog/2012/08/22/state-can-authorize-bankruptcy-specific-exemptions/#comments Wed, 22 Aug 2012 16:21:45 +0000 Pat Murphy http://lawyersusaonline.com/?p=87041 Chapter 7 debtors could claim homestead exemptions under a state law that is bankruptcy-specific, the 6th Circuit has ruled.

The decision reverses a ruling by a bankruptcy appellate panel. (See “State bankruptcy exemption law unconstitutional,” Lawyers USA, Feb. 18, 2011.)

The appeal addressed exemptions
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