If you want to file a chapter 13 to address your debts and make more than the average family in Washington State, the length of your plan will probably last a full 5 years. If, however, you make less than the average family you can still file a 3 year repayment plan. In a relatively… Continue Reading
Category Archives: Uncategorized
Medical Bills Worse than Death?
Are medical bills worse than death? In a survey done last year, nearly half of workers interviewed, aged 40 to 50, feared paying the debt from a critical illness to be worse than death itself. To deal with the cost of a critical illness suffered, 28% used retirement savings to deal with the cost, 28%… Continue Reading
Inherited IRAs Protected in Bankruptcy?
In an important case for asset protection planners, estate planners and bankruptcy lawyers, the U.S. Supreme Court will hear a case coming out of the Seventh Circuit to determine whether an inherited Individual Retirement Account is an exempt asset under federal Bankruptcy law. In general, bankruptcy law exempts (or protects) a debtor’s IRA and other… Continue Reading
No Jail Time for Filing Bankruptcy
Surprisingly, there are still lots of misconceptions about filing bankruptcy including one falsehood that everyone should know – no jail time for filing bankruptcy. The laws of the United States expressly permit the filing of bankruptcy to obtain financial relief. Of course if you try to defraud the bankruptcy court you could find yourself serving… Continue Reading
Bankruptcy can’t save Executor
A bankruptcy cannot save an Executor. Executors are generally personally liable for estate taxes if they distribute property to beneficiaries before paying an estate tax obligation. And, according to at least one case, the executor may not discharge that personal liability in a later bankruptcy. Carroll v. United States, 2009-2 USTC par. 60,577 (May 6,… Continue Reading