A Bankruptcy Exemption Planning Basic

The most elemental exemption planning tool is to save exempt assets while consuming non exempt assets. It doesn’t require last minute transfers or fundamental alterations in the way assets are held.  It simply requires attention to which pocket the debtor pays bills from. Clients who receive Social Security, disability, or other forms of income that […]

6 Basic Points About Tax Liens in Bankruptcy

Everywhere I’ve looked this week, new bankruptcy lawyers are struggling with client tax liens.  Here’s my list of basics you need to know about federal tax liens. Tax liens create  a secured claim in favor of the taxing authority.  That claim incurs interest at the statutory rate. Exemptions, bankruptcy or state, are not effective against […]

Exemption Choices for the Recently Mobile

Old and new consumer bankruptcy lawyers have a treasure in John Bates’ masterpiece on the exemption laws of each state and the availability of those laws to non residents in bankruptcy. Why do I care what the exemptions are in any state but California?  The Bankruptcy Code! ( what other answer did you expect from […]

Exemptions & Property of the Estate

Sometimes, as an inexperienced bankruptcy lawyer,  it’s hard to get your head around the idea that your client can have an asset of substantial value and not need to exempt it when filing bankruptcy. That’s because only property of the estate is potentially available to pay the client’s creditors in a bankruptcy, and some assets, […]