Does a personal bankruptcy affect ownership interest in a small business? A personal bankruptcy affects an ownership interest in a small business; though the way it affects that interest depends on the way the business is set up and also on the type of personal bankruptcy filed. → Read More
What happens to life insurance benefits I receive after filing for bankruptcy? In determining what happens to life insurance proceeds in a bankruptcy filing, the first and most important question is whether you are filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. → Read More
Are my retirement assets, college savings plans, and asset protection trusts protected under the bankruptcy law? Money rolled over from a pension into an IRA is also protected. However the law limits protection for funds in regular and Roth IRAs to $1,283,025, although this cap can be increased by the bankruptcy court. Contributions placed in a section 529 college education savings plan or in a section 530 education IRA at least 2 years prior filing for bankruptcy are off limits to creditors. An asset protection trust can be established under the laws of Alaska, Delaware, Nevada, Rhode Island and Utah. → Read More
How much of my home and home equity is off-limits to creditors under the bankruptcy law? Whether your home and home equity is protected under the bankruptcy law depends on rules for exempting your home from a forced sale during bankruptcy. → Read More
What is redemption in a bankruptcy case? Bankruptcy redemption is an option in a Chapter 7 bankruptcy case that may allow you to keep a vehicle or other asset that is acting as collateral for secured debt. However, redemption may not be an option for all Chapter 7 debtors because it requires them come up with cash up front. Consult a Chapter 7 bankruptcy attorney prior to making a decision about bankruptcy redemption. → Read More
Rhode Island Bankruptcy Exemptions List of Rhode Island bankruptcy exemptions and resources. → Read More
Are fines or punitive damages for fraud discharged in bankruptcy? While bankruptcy can provide you with a viable option for restructuring and eliminating most debts, not all debts can be handled through a bankruptcy filing. If you are found liable for fraud, then you may face both fines for that fraud as well as punitive damages; these damages can be discharged in bankrputcy as Bankruptcy Code will not permit you to discharge any penalties for fraud. → Read More
What is a support order? In general legal terms an “order” is a command entered by a judge instructing parties to take some action or face penalties for violation of the order. A “support order” is an order of a court to pay child support, alimony, spousal support or some other type of family maintenance. The support order is usually incident to an action for divorce, legal separation or paternity, and is generally paid on a monthly basis. → Read More
What is a judgment debtor? The term judgment debtor is a legal term used to describe anyone who owes money that the court has ordered him to pay as part of a legal judgment. A judgment debtor can be a person who is ordered to pay child support for his children, a corporation that is ordered to pay restitution to the families of victims of a faulty or unsafe product that they produced, or a criminal who is ordered to make repayment of the money that he has stolen to the victims of his crime. → Read More
Will I lose my bankruptcy protection if I missed some payments required by my Chapter 13 bankruptcy plan? If you have missed payments on your Chapter 13 bankruptcy plan, you need to deal with the situation immediately to avoid the trustee dismissing your case. There are options to help you get back on track. → Read More
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