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 [...]
If you are considering bankruptcy, you may be concerned about being able to keep your car and home. The good news is that you will likely be able to keep your vehicle and home. Let’s start with home loans. If you have less than $60,000 of equity (calculated as home value – mortgage total) then [...]
The main goal of any bankruptcy case is getting a discharge of a large amount of debt. Getting a debt discharged means that the debtor is no longer obligated to repay the debt. Credit card debt and medical debt are generally dischargeable through bankruptcy. Taxes, alimony, child support, and student loan debts are typically not [...]
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 [...]
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 [...]
Courts have struggled with the issue of whether Individual Retirement Accounts (IRAs) that are inherited from someone other than a spouse qualify for exemption from a debtor’s bankruptcy estate under the Bankruptcy Code. When a debtor files for bankruptcy, all assets and interests held by the debtor become a part of debtor’s the bankruptcy estate. [...]