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 »

Are You A Small Business Debtor

When a business, usually a corporation, files bankruptcy it must state whether it is a small business debtor.  Most people think of small business meaning the number of employees or the total revenue, but in bankruptcy, it is based on how much debt you have.   If your business has less than $2,343,300 in noncontingent liquidated debt, then you are a … 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 »

Amending Bankruptcy Schedules

All good bankruptcy lawyers will tell you that it is absolutely critical for a debtor’s petition to be accurate and complete when it is filed with the court.  This is because of the very high penalties attached to filing an incomplete, inaccurate, or misleading bankruptcy petition.  These penalties include dismissal with prejudice to refiling, denial of the discharge, and even … Continue reading »

What If The Bank Refuses to Foreclose?

In re Heck, 2011 WL 133015 (Bankr. N.D.Cal. 2011) This is a short decision, but nonetheless an important illustration of one of the many struggles that consumer debtors face.  When a debtor surrenders their house in bankruptcy, it does not mean that the bank will take it back right away.  Usually this is a good thing for debtors, because it … 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 »

The Bad Faith Dismissal In Chapter 11

In re Lake County Grapevine Nursery Operations,  — B.R. —-, 2010 WL 4928488 (Bankr. N.D.Cal.  2011) In this case, the bankruptcy court denied a motion to dismiss a bankruptcy that the movant alleged was improperly filed.  The case arises out of a dispute involving three entities involved in the cultivation of grapevines in Northern California.  The dispute was resolved in … Continue reading »

US Supreme Court – Bankruptcy Decisions 2010 – 2011

David Fuller, a bankruptcy attorney in Seattle, provides this as a reference to changes in bankruptcy law that may be interesting or relevant to bankruptcy professionals.  This is not a complete survey of the law.   These updates reflect Mr. Fuller’s analysis and opinion on the state of bankruptcy law and are not legal advice.  You should contact a qualifed bankruptcy … 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 »

Chapter 7 vs. Chapter 13

Depending on your case, you’ll file either in a chapter 7 or a chapter 13 bankruptcy. Most people file chapter 7 bankruptcy, because it is the fastest and easiest way to get out of debt. Still, Chapter 13 is useful if you have extremely valuable property or if you’re trying to stop a foreclosure. This post will provide information each … Continue reading »