Can I Give/Sell/Deed This Property To . . . .

Whenever someone has some property and too much debt, they want to know how they can protect the property from creditors.  The general rule is that you can use exemptions.  But sometimes, the property does not fit into an exemption category or it exceeds the allowed exemption.  Your first instinct may be to sell the property or to give it … Continue reading »

What’s Your Property Worth in Bankruptcy

When I prepare a bankruptcy petition, one of the most important components is making sure that property is accurately valued.  This is because exemptions and cram down are based on asset values.  An exemption is what allows you to keep property after bankruptcy.  If property is too valuable, it can be liquidated to pay back your unsecured creditors in a … Continue reading »

Automobile Exemption Decision

In re McMillin,  — B.R. –, 2010 WL 3515682 (Bankr. D. Or. 2010). This is an interesting case for gear heads, auto buffs, and fans of Top Gear.  The question was whether a collection of auto parts that had never been assembled into an automobile could nevertheless be exempted under the Oregon exemption statute.  The parts were for a 1926 … Continue reading »

Asset Protection Bankruptcy

If you have very valuable property, bankruptcy may still be an option.  Your lawyer can work with you to protect your assets in bankruptcy.  You should be very careful who you select to represent and what steps you take, because a poorly executed asset protection plan may result in property loss or other sanctions. A few of points to consider: … Continue reading »