Are you the Beneficiary of an IRA?

As the baby boomers age and pass on, an interesting issue has arisen in some bankruptcy cases:  can you claim an exemption in an IRA or other protected retirement account which you inherit?  Bankruptcy laws allow you to exempt an IRA in your name up to $1.25 million dollars.  This

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Number 3 Pet Peeve – Deposition of a Client

I’m blogging my list of deposition “pet peeves” in a series of releases.  They are not necessarily in order of importance, but rest assured, all are great learning points for a client/witness.  Many of the cases that I litigate are matters in which thousands of pages of documents are produced

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Service of Unsecured Creditors’ Committees

Official committees of unsecured creditors (Committees) serve in important function in Chapter 11 bankruptcies.  Committees preserve the rights of unsecured creditors can have a major impact on the outcome of any Chapter 11 proceeding. In each Chapter 11 case, the United States Trustee is charged with appointing a Committee and

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Paying Back Family and Friends

The decision to file a bankruptcy is one of the hardest decisions that some people will make.  Once this decision has been made, many people want to “clear up” some debt.  Usually, they want to take care of Mom, Dad, Brother, Sister, Best Fried etc…   The reasoning is that they

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Introduction to Chapter 11 Unsecured Creditors’ Committees

Official committees of unsecured creditors (Committees) serve an important function in Chapter 11 bankruptcies and can have a major influence on the outcome of any Chapter 11 case.  Committees preserve the rights of unsecured creditors and their responsibilities include (i) monitoring the progress of the case; (ii) providing input on

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“We Provide the Highest Quality Legal Services”

Many law firms say that they provide “the highest quality legal services.”  What does this really mean?  I recently watched a relatively routine hearing in a Chapter 11 case where the debtor corporation had eight – that’s right – eight lawyers in the courtroom.  One lawyer spoke, seven watched.  Because

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Financial Tips for Small Business Owners

  Keep corporate vs. personal debt separate.  It is a common practice for small business owners to experience periodic cash flow problems and turn to use of personal credit cards to infuse cash into their business.  It is important to note that debt incurred under a credit card held only

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Can I File Chapter 7 and Keep All of My Toys?

On June 28, the Bankruptcy Appellate Panel for the Sixth Circuit issued an opinion holding that Mr. and Mrs. Weixel’s Chapter 7 case was properly dismissed for “substantial abuse” under the bankruptcy laws.   In re Weixel, 13 FED App 0003P.   This case is binding on Kentucky bankruptcy courts. The Weixels were not

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