By: Laura Day DelCotto The primary goal of filing bankruptcy is commonly understood to be the receipt of a discharge of debt, and having a “fresh start” in life. There are probably thousands of cases that state this legal proposition, including Supreme Court cases...
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How franchise agreements are treated in bankruptcy
Buying a franchise may be an effective way to become a successful business owner. However, if you file for bankruptcy in Kentucky, there is a chance that you will lose your franchise during or after the case has been discharged. Let's take a deeper dive into what...
Five Reasons to File Chapter 13 Bankruptcy
Chapter 13 bankruptcy permits individuals with regular income to file a three to five-year repayment plan to address their debts. There are several advantages to filing Chapter 13 bankruptcy as opposed to Chapter 7 bankruptcy. Here are (5) five primary reasons...
State or Federal Exemptions – KY Bankruptcy Court Opinion
Bankruptcy Judge Charles R. Merrill issued an opinion[1] on January 10, 2022 that proceeds from the pre-petition sale of a homestead not being exempt under the federal exemption 11 U.S.C. §522(d)(1. This provides, in relevant part, for an exemption in “the debtor’s...
Setting Aside a Tax Sale through Bankruptcy
By: Dean A. Langdon It has long been the rule in bankruptcy cases that the price received for real property at a foreclosure sale was “reasonably equivalent value” and the transfer could not be set aside as a fraudulent transfer under 11 U.S.C. § 548. BFP v....
Gambling with your Future: U.S. Gambling on the Rise
By: Laura Day DelCotto I don’t think I ever knew that there is an “American Gambling Association” but it does exist. The Association recently estimated that over 45 million Americans will be betting on NFL football games during the 2021 season. Much of this gambling...
New Fair Debt Collection Rules
By: Dean A. Langdon One of the federal laws that exists to protect consumers is the Fair Debt Collection Practices Act (the “FDCPA”). The FDCPA covers third-party debt collectors who are in the business of collecting consumer debts and generally prohibits harassing,...
Options for Dealing with a Vehicle Repossession Debt
If you have ever had a vehicle repossessed, you are probably aware that typically the lender sells the vehicle and will pursue you for any deficiency balance from the sale of the vehicle. For example, if you financed a vehicle for $25,000 and it sold for $15,000, then...