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Can I Keep My Car in Bankruptcy?
By: John Lee One of the questions I hear the most as a Bankruptcy attorney is, “Can I keep my car in bankruptcy?” To which I reply, “Most of the time you can keep your car in bankruptcy.” There are several factors to consider when determining if one can keep their car...
Virginia’s Outdated Homestead Exemption
By John Lee In 1977, Virginia increased their Homestead Exemption from $3,500.0 to $5,000.00. Thirty-Seven years later, in 2014, the Homestead Exemption is still only $5,000.00. Five thousand dollars in 1977 would have the same buying power as $19,637.52 in 2014...
Debtor’s Right to Certain Exemptions
U.S. Supreme Court Decision: Law v. Siegel, Chapter 7 Trustee By John Lee On March 4, 2014, the U.S. Supreme Court decided that a Bankruptcy Court could not surcharge a debtor’s properly-claimed exemption in property for the Chapter 7 Trustee’s administrative...
Surrendered Property in Bankruptcy
By John Lee Homeowner’s fees, taxes and maintenance on surrendered property in Bankruptcy: After the real estate values plummeted a few years ago we began seeing more and more debtors filing a bankruptcy and more surrendered property to the mortgage...
What a DIY Bankruptcy Could Cost You
By Timothy Douglass Trying to do your own bankruptcy could cost you thousands of dollars more than if you hired an attorney to prepare it for you. For someone considering bankruptcy, it is tempting to do your own bankruptcy. After all, most people in need of a...
The Trustee’s Power – Part 3
The Trustee's Power to Sell the Debtor's House over validly Perfected Homestead Exemption (Part Three) By: John Lee This is the third installment in my three part series on Trustee's Avoiding Powers and Homestead exemptions. If you have not read parts one and...
The Trustee’s Power – Part 2
The Trustee's Power to Sell the Debtor's House when Fully Encumbered by Perfected Liens (Part Two) By: John Lee In Reeves v. Callaway the Fourth Circuit Court of Appeals ruled that a Trustee can sell the debtor's real property even though it is fully encumbered by...
The Trustee’s Power – Part 1
The Trustee's Power to Avoid a Mortgage Lien and Sell the Debtor's House (Part One) By John Lee The next three blogs will be on discussing the Trustee's power to sell a debtor's home and the use of exemption law to protect the home. Specifically, I will be discussing...
Is My Inherited IRA Safe in Bankruptcy?
By John W. Lee, P.C. An IRA (Individual Retirement Accounts) that has been inherited is not exempt property in Bankruptcy. The United States Supreme court decided on June 12, 2014, in a rare unanimous decision that inherited IRA funds are not exempt in bankruptcy. The...
The Rent to Own Debacle
By John W. Lee Today's words of wisdom...Never buy a computer or furniture on credit, and avoid rent to own stores. The vast majority of bankruptcy clients I see have at some point purchased either a computer or furniture on credit. Another purchase that is very...