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Category Archives: Chapter 11 for Individuals & Married Couples

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The Absolute Priority Rule Applies To Individual Chapter 11 Debtors

Posted in Chapter 11, Chapter 11 for Individuals & Married Couples

Some time ago I wrote in great detail about personal Chapter 11 bankruptcy.  In that post I discussed the application of one of the complexities of Chapter 11 bankruptcy to individual (as opposed to business) cases.  That complexity is the absolute priority rule.  At the time of the post, we had a patchwork of inconsistent… Continue Reading

Discharging Income Taxes In Bankruptcy After A Substitute For Return Is Filed: Part II

Posted in Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7, Uncategorized

Some time ago I wrote about discharging income taxes in bankruptcy.  I subsequently wrote about discharging income taxes in bankruptcy for a tax year in which the debtor filed a return after the taxing authority ― for simplicity I will generically label the authority as the IRS, though the discussion applies to other taxing authorities… Continue Reading

Prepackaged Chapter 11 Bankruptcy

Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Small Business Bankruptcy

In this Christmas season children are eagerly awaiting prepackaged presents.  That’s an odd locution, isn’t it?  We usually refer to the gifts as wrapped rather than prepackaged.  I chose the word “prepackaged” because when something is prepackaged it’s all wrapped up.  What does this have to do with Chapter 11 bankruptcy?  A little background will… Continue Reading

Discharging Income Taxes In Bankruptcy After A Substitute For Return Is Filed

Posted in Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7

Some time ago I wrote about discharging income taxes in bankruptcy.  I stated that there is a three-part test for determining their dischargeability, and started with the following executive summary: For a tax to be dischargeable in bankruptcy, it must satisfy three requirements: (The three-year rule) The tax return for the tax year in question… Continue Reading

Comment On Liz Weston’s Column: Chapter 13 Bankruptcy Is An Option

Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7

Last Sunday, July 20, 2014, Liz Weston of the L.A. Times gave an interesting answer to a question posed by a reader of the newspaper’s Money Talk feature.  Today’s post adds to Liz’s advice. The reader had accumulated $28,000 in credit card debt over the previous eight years, and had considerable law school debt and… Continue Reading

Tolling A Statute Of Limitations In Bankruptcy

Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Chapter 7

I recently had an email exchange regarding statute of limitations tolling in bankruptcy, with a friend who is a fellow bankruptcy attorney.  My friend posed a couple of questions based on an interesting fact pattern.  Herewith I offer a slightly edited version of the exchange. First, here is my friend’s email: Salient Facts:   Chapter 7… Continue Reading

Homestead Exemption After Sale Of The Residence

Posted in Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7

If you sell your home, can the cash proceeds be exempted using the homeowner’s equity exemption?  That was the subject of two questions that a fellow bankruptcy attorney recently asked me.  I found the exchange interesting, so I am posting it for your edification. Question 1: If the proceeds from the sale of the domicile… Continue Reading

Can I File For Bankruptcy More Than Once? (Part 1)

Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7, Small Business Bankruptcy, Small Business Chapter 7

The short answer to this is, yes.  But as you may suspect from the fact that this post is considerably longer than one sentence, there is a good deal more to a thorough answer than that monosyllabic response.  There are two possibilities regarding your previous bankruptcy:  (1) you received a discharge, and (2) your case… Continue Reading

A Crackdown On Abusive Debt Collectors

Posted in Chapter 11 for Individuals & Married Couples, Chapter 13, Chapter 7, Debt

An ongoing source of distress for debtors is truly abusive debt collectors.  Many of these alleged humans ignore the due process rights of debtors, lie, and break the law in their efforts to shake down debtors.  Can anything be done?  Finally, the federal and state governments are starting to take some action. I.          The Problems… Continue Reading

Involuntary Bankruptcy: What Is It, And Why Would Anyone File One?

Posted in Chapter 11, Chapter 11 for Individuals & Married Couples, Chapter 7, Debt, Small Business Bankruptcy, Small Business Chapter 7

A fellow attorney, but not a bankruptcy attorney, recently asked me this question because he had a business client who wanted to use an involuntary bankruptcy filing to collect money from a judgment debtor.  To answer my colleague’s question we need a little background.  Let’s start with the concept of a voluntary bankruptcy. I.          Voluntary… Continue Reading