A fraudulent transfers and fraudulent conversions prior to filing Chapter 7 bankruptcy can be detrimental in two ways. First, the Chapter 7 trustee can reverse the transfer or conversion, take the property back from the transferee (recipient), and sell the property for the benefit of your creditors. In addition, egregious fraudulent transfers within two years of filing Chapter 7 bankruptcy can cost the debtor the bankruptcy discharge. If discharge is denied the transferred property will be recaptured and sold and none of the debtor’s debts will be wiped out so that the creditors could pursue collection after the bankruptcy is over.
Fraudulent transfers involve a transferee and drag the transferee in to the debtor’s bankruptcy. In
Read all post…
A recent story highlighted by Fox Business offers a cautionary tale for parents who co-sign on their children’s credit card applications, even if that action took place decades ago.
The tale warns parents to be careful when making such decisions, lest they and their children find themselves in serious debt and considering filing for Chapter 7 bankruptcy protection.
According to this story that appeared in Fox Business, parents should be careful before co-signing on any credit card applications:
- The initial deal. More than two decades ago, Jennifer and her mother co-signed on a credit card while Jennifer was in college. J
Read all post…
After two years of struggling to revive the company, the chief executive of the Swedish automaker Saab filed for bankruptcy on Monday.
What started as a fighter jet producer, Saab only sold 5,305 vehicles in the United States this year. In its last efforts to survive, Saab attempted to transfer technology to Chinese investors; however, General Motors, who owns some of Saab’s technology licenses, would not allow the transfer.
Analysts do not expect Saab’s demise to affect the auto market. The Swedish company is anticipated to be liquidated with GM buying up its patent rights to use on its existing models or to possibly create new vehicles.
Car related expenses are important deductions in the means test analysis. A debtor’s car expenses, including car payments and car operation expenses, often determine whether a prospective bankruptcy debtor passes a means test analysis for bankruptcy eligibility.
Means test calculation are technical and complicated. I infrequently comment on details of means test computations. However, I read a case dealing with the means test that may interesting to future bankruptcy debtors as well as “means test geeks.”
The case involved a large family which owned and operated three cars. Two cars were paid for, and one car was owned free and clear. The husband filed bankruptcy. The h
Read all post…
All too often, we get into serious medical debt because we’re unprepared for a major illness or injury. After all, if we were expecting significant medical expenses, we would have been saving up for them! But a recent article published in the Huffington Post offers tips from someone who has been struggling with serious cancer-related medical bills for years.
These tips for avoiding medical debt and even medical bankruptcy may be able to help you keep your head above water after your next trip to the doctor’s.
- Know your insurance policies. Apparently, insurance companies often reject claims for payment because the medical provider worded the treatment incorrectly. If
Read all post…