1. Confirm a chapter 11 or chapter 13 plan under §1123 & §1129(a) although both are ride with too many complications to address here. 2. Redeem it. Special rules apply to certain vehicles but essentially the debtor is entitled to buy the property from the estate at a value determined by the court, Say a …
Supreme Court Justices Hear Lien Stripping Cases
On March 24th, The Supreme Court heard oral arguments in the cases of Bank of America v. Caulkett and Bank of America v. Toledo-Cardona. Ever since the 11th Circuit turned Chapter 7 lien stripping on personal residences on its ear, Bank of America has been desperate to get the arguments involved in these cases before …
Ten Dumbest Things NOT to Do Prior to Filing Bankruptcy
1. Don’t tap your retirement funds. One frequent mistake made by people in financial trouble is to take money out of a 401k plan or IRA in order to pay things like credit card debt. Retirement funds like 401Ks and IRAs are protected from both creditors and bankruptcy trustees. Creditors can’t take the money, and …
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Plan confirmation and Res Judicata
A confirmation order may only be revoked if it was procured by fraud. 11 U.S.C.§ 1141. And as long as creditors knew or should have known of the treatment they would receive under the plan, and the plan conclusively determines how the claims in question will be handled, creditors cannot come later to complain. The …
Five Signs You are Headed for Bankruptcy
1. Denial. It’s been tough, but looks like we made it!” Really? Take a look around. Have you taken any time to think about the future and what it might contain? What contingency plans do you have if your situation suddenly goes very wrong? Bankruptcy is never a first choice, but it may be the …
Twelve Myths About Bankruptcy
1. Everyone will know I’ve filed for bankruptcy. Unless you’re a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors. While it’s true that bankruptcy is a public legal proceeding, the …