By Jeff Field | Published October 15, 2015 | Posted in Georgia Bankruptcy | Tagged Tags: 401(k), filing bankruptcy, retirement savings | Leave a comment
What Happens to a 401(k) When You File for Bankruptcy?
When you have worked for so many years to build up your retirement savings, the last thing you want is for creditors to come after your 401(k) account if you file for bankruptcy. . Fortunately, whether you file a Chapter 7 or Chapter 13 bankruptcy case, your 401(k) account is considered to be a protected Read More
Read MoreConverting a Bankruptcy Proceeding from Chapter 13 to Chapter 7
If you are unable to afford your payments under a Chapter 13 bankruptcy repayment plan, you may have the ability to convert your case into Chapter 7 bankruptcy instead, unless you already received a Chapter 7 discharge at any time in the last eight years. The process of converting your case is relatively simple; however, Read More
Read MoreImplications of the SCOTUS Ruling in Wellness International vs. Sharif
On May 26, the U.S. Supreme Court issued a ruling in Wellness International v. Sharif, a case that will have major implications for bankruptcy law throughout the nation. The court decided Article III does not prevent judges in bankruptcy cases from issuing final judgment on claims that only attempt to augment the bankruptcy estate and Read More
Read MoreMay a Same-Sex Couple Married Outside of Georgia File for Bankruptcy Together in the State?
Until recently, same-sex couples married legally outside of Georgia would not have had the right to file a joint bankruptcy petition in the state. But when the Supreme Court struck out Section III of the Defense of Marriage Act (DOMA) in June 2013, many of the barriers for married same-sex couples in bankruptcy and estate Read More
Read MoreThe Demise Of Lien-Stripping Junior Security Deeds In GA In Chapter 7
As of June 1, 2015, the good news is the long wait is over. The bad news is the U.S. Supreme Court (“the Supremes”) ruled against the lien-stripping of junior security deeds in Chapter 7 cases. Bank of America, N.A. v. Caulkett (June 1, 2015). In so ruling, the Court relied on the same “term-by-term” reading Read More
Read MoreFiling for Chapter 13 Protection
Bankruptcy can be a difficult bridge to cross but the benefits of the financial freedom it provides are usually well worth the risk. Many Debtors opt for the “fresh start” that Chapter 7 bankruptcy affords. However, there are numerous situations where a Chapter 13 bankruptcy is more appropriate, or even necessary. If a debtor is Read More
Read MoreValuing A Tax Lien In Chapter 13
When IRS or the Ga. Dept. of Revenue (“GDR”) file a fully secured claim in a Chapter 13 case based on a pre-petition filed tax lien, 11 U.S.C. Section 506(a) operates to limit the claim to the value that any Debtor (“D”) has in the property scheduled in Schedules A and B in the Chapter Read More
Read MoreLien Stripping of an Unsecured Junior Lien By A Homeowner In A Chapter 7 Bankruptcy
Is It The End Of The Line For A “Strip Off” Of A Wholly Unsecured Junior Lien By A Homeowner In A Chapter 7 Case? We should soon know. The Eleventh Circuit Court of Appeals located in Atlanta, GA is the appellate court for federal courts located in Georgia as well as those federal courts Read More
Read MoreWhat is a “Chapter 20” Bankruptcy?
There are occasionally times when individuals have financial problems that cannot be entirely solved by filing a Chapter 7 or Chapter 13 bankruptcy. In these unique situations, it may be best to file a Chapter 7 bankruptcy and then immediately file a Chapter 13 bankruptcy, informally known as a “Chapter 20.” Why would you do Read More
Read MoreSeek Relief for Creditors Violating the FDCPA
In a recent bankruptcy court decision issued on 7-10-14 by the Federal Appellate Court in Atlanta, GA, it appears that debtors in Georgia who file a bankruptcy case to get a better control over their debts and to seek all of the relief the bankruptcy code allows will be allowed a huge bonus! During their bankruptcy Read More
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