Chapter 12 Debt Limit Increased Trev E. Peterson

On Friday, August 23, 2019 the President signed the Family Farmer Relief Act of 2019. The Act increases the debt limit in the Bankruptcy Code’s definition of family farmer from the current $3,237,000 to $10,000,000.00. The increase in the debt limit is intended to make Chapter 12 relief available to more family farmers. Chapter 12 [...]

August 25th, 2019|News, Uncategorized|

Discharging Income Tax Debt through Bankruptcy

Income tax debts owed to the IRS or the State of Nebraska may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Generally, if income tax debts meet the following guidelines, then the tax is dischargeable. The taxes are income taxes. Taxes other than income, such as payroll taxes or [...]

July 5th, 2012|Retweetable|

Lack Of “Future Advances” Clause in Security Agreement Costs Bank Collateral for $950,000 Loan

Section 9-204(c) of the Uniform Commercial Code makes it possible to secure future advances, even if the advances are not made pursuant to a commitment. However, the security agreement creating the security interest must “provide that collateral secures... [such] advances.” A March 22, 2012 decision of the United States Bankruptcy Court for the Central District of Illinois [...]

April 2nd, 2012|Retweetable|