Support issues are difficult enough when the parties are solvent, but what happens when one of the spouses goes through bankruptcy? Can support obligations be discharged? And on the other side, can the receiving spouse still collect if he or she files for bankruptcy?
Updated 3/14/16: On remand, the bankruptcy court ordered the property turned over to the trustee. The bankruptcy court denied the homestead exemption on an alternative basis, and the bankruptcy appellate panel affirmed in Elliott v Weil (In re Elliott) (BAP 9th Cir 2016) 544 BR 421.
Suppose a debtor denies owning a home and then gives a false address so creditors don’t find out about the home. Can the debtor still claim the homestead exemption in bankruptcy?
Updated: The bankruptcy court in In re Sherr (Bankr ND Cal, Sept. 27, 2016, No. 16-10283) 2016 Bankr Lexis 3521 has held that the exemption for “retirement funds” applies to inherited IRAs under California law.
The law says that retirement funds are exempt property in bankruptcy, but the Supreme Court has held that this exemption doesn’t apply to inherited IRAs. End of story? Not quite.
The following is a guest blog post by bankruptcy attorney Michael Gouveia, who spoke at the 2013 Annual State Bar Meeting on the New Attorney Guide to Competency. He invites you to visit his popular bankruptcy blog.
This sweet young couple is sitting across from you in your office. You’ve spent a half an hour counseling them on filing a Chapter 7 bankruptcy. The wife then asks, “We need to file Chapter 7 bankruptcy this week, but we don’t have your full attorney fee. Can we give you a little up front and the rest of your fee after we file?” This is the time to start backing away.
Update: In a reversal of fortune, the district court has awarded sanctions for discovery abuse in favor of Anna Nicole Smith’s estate and her daughter Dannielynn against the estate of her stepson, Pierce Marshall, and his attorney. In a sweeping decision (Marshall v Hilliard (In re Marshall) (CD Cal May 29, 2013, SACV-01-0097 DOC)), the court found that Marshall and his attorney had practiced a fraud on the court and made a mockery of the justice system by withholding or destroying documents, among other abuses. Smith’s estate now stands to collect much of the earlier damage award thrown out by the Ninth Circuit.
It isn’t often that a court is reversed twice by the U.S. Supreme Court in the same case and still had the right result. But in effect, that’s what happened to the Ninth Circuit in the Anna Nicole Smith case.
Many attorneys, from business transactional specialists to family lawyers, are asked by their individual clients, “Should I file for bankruptcy?” This is not an easy question to answer, and is best responded to after analyzing many facts and issues. In fact, to answer it well, you’ll need to ask some questions of your own to determine the appropriateness of bankruptcy and the type of bankruptcy case to file.
Commercial bankruptcies continue to soar, leaving frustrated landlords hung out to dry by bankrupt tenants. After filing for bankruptcy, a commercial tenant has a limited time to either assume or reject its lease as an executory contract. This election has significance to both the tenant and the landlord.
On April 13, 2010 the Associated Press reported in its Economic Stress Index, that the US economy in February was still under “stress” with a score of 11.8, although the number was slightly down from its all time high of 11.9 in January. The Index calculates a score for more than 3100 counties based on the county’s unemployment, foreclosure and bankruptcy rates. A higher score means things are worse, and a score above 11 generally indicates economic stress.
The nation’s most economically distressed states were: Nevada (21.4), Michigan (17.84), California (16.94), Florida (16.26) and
On March 8, 2010, the United States Supreme Court in Milavetz, Gallop & Milavetz, P.A. v. United States (2010) 559 U S ____, 2010 US Lexis 2206, 10 C.D.O.S. 2797 ruled that attorneys fall within the definition of “debt relief agencies” in Bankruptcy Code §101(12A). This means that advertising rules in Bankruptcy Code §528(a)(4) and limitations on advice to debtors in Bankruptcy Code §526(a)(4) apply to attorneys.