As reported by Robin Miller of CBAR, a Chapter 13 plan may redeem property from tax sale so long as redemption period did not expire prior to filing of bankruptcy case. Affirming In re LaMont, 2012 WL 6727404 (N.D. Ill., Dec. 27, 2012), and resolving a longstanding split among the lower courts, the Seventh Circuit Court…
Cash Value of Insurance Policy was Exempt where Beneficiaries were Debtor’s Non-Dependent Adult Children
As reported by Robin Miller of CBAR, an Indiana Insurance policy was exempt where beneficiaries were debtor’s non-dependent adult children. Under Indiana law insurance upon the life of any person, as well as the proceeds or avails of such insurance, including cash surrender value, “which name[s] as beneficiary … the spouse, children, or any relative…
Can a Chapter 13 Plan be Modified Based on Information Known Pre-Confirmation?
As reported by Robin Miller of CBAR, an Illinois Chapter 13 debtor could not modify confirmed plan on basis of information known prior to confirmation, to wit: Where the debtor proposed a Chapter 13 plan that provided for full payment of an unsecured priority claim of $11,432 held by the IRS; the IRS subsequently (but…
As reported by Robin Miller of CBAR, an Insurance policy was exempt where beneficiaries were debtor’s non-dependent adult children, to wit: Under Indiana law which provides that insurance upon the life of any person, as well as the proceeds or avails of such insurance to include cash surrender value), “which name[s] as beneficiary … the…
What Happens if I Fail to Disclose an Asset in my Bankruptcy in Michigan?
The short answer is that you lose the exemption. Lesson learned: Bankruptcy in Michigan is a process of full disclosure and complete transparency. As reported by Robin Miller of CBAR: The Amendment of an Exemption may be denied for deliberate concealment, bad faith or prejudice, to wit: Deliberate concealment of or failure to disclose an…
Why are Credit Card Balances Important?
The artile is reprinted with permission by my good friend and Philip Tirone of Credit Score 729. We have recently teamed up with Philip to provide you with the best (both legal and ethical) advice concerning your credit – whether you have filed bankruptcy or not. Why is your credit card balance important? Does it…
Kentucky Trustee Could Not Sell Property Held as Tenants in Common Under Code § 363(h) to sell co-owned property free of co-owner’s interest
Robin Miller of CBAR posted the following Kentucky case note: Trustee did not establish right under Code § 363(h) to sell co-owned property free of co-owner’s interest, to wit: Trustee did not establish right under Code § 363(h) to sell co-owned property free of co-owner’s interest: The Chapter 7 trustee did not establish the right…