Wild Card Exemption

The Wildcard Exemption is available to folks who are filing a Chapter 7 bankruptcy. In Chapter 7, you are allowed to keep some assets. Some states have adopted the Federal property exemptions that cover things such as your home, car, jewelry, clothing, and household goods. States that do not use the Federal exemptions have their […]

Bankruptcy Trustee’s no longer conducting audits

When a consumer files for protection under the US Bankruptcy Code under Chapter 7 or Chapter 11 the requirements they face include disclosing all income, all expenses as well as any transfers or property that were made during the prior 12 months. In some circumstances, the Bankruptcy Trustee may try to void the transfer, particularly […]

Bankruptcy Judges Influenced by Apologies

Saying “I’m sorry” seems to help folks who are before a judge for allegedly committing a crime. The apologies are usually to the victims. In a bankruptcy although creditors may feel victimized, there are no real victims as it is a civil not a criminal matter. Study Reveals Apologies May Help In Bankruptcy However, a […]

Bankruptcy Statistics

Bankruptcy is generally viewed negatively, and these feelings aren’t completely unfounded because it is a sign of financial distress. However, bankruptcy is a tool that can be used to provide a fresh financial start under the right circumstances, and there are many ways to find yourself in a situation where bankruptcy is the best option […]

Professional Athletes and Bankruptcy

ESPN recently aired a special documentary on its 30 for 30 show called Broke.  The documentary focused on professional athletes who make millions of dollars during their short careers, but lose it all a few years after retiring. The rich professional athletes ended up going broke and filing for bankruptcy for many of the same […]