Florida Homestead Exemption Not Affected By Commercial Operation on Land

Bankruptcy, Homestead Exemption / September 23, 2019 May 22, 2020

Technology has made it easier for people to operate a business at or next to their primary residence. Operating a commercial venture on the property where you reside raises issues about Florida’s homestead exemption from creditors. The issue is whether a Florida resident can operate a commercial business on his homestead property without forfeiting homestead …

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Bankruptcy Debtor Denied Exemption For Self-Directed IRA

Bankruptcy / August 27, 2019 May 22, 2020

A self-directed IRA is a personal IRA plan where the owner can invest IRA funds in assets other than marketable securities, such as real estate. There are companies that provide qualifying IRA plan documentation and who hold title to your customized IRA assets. The self-directed plan provisions require that the owner not use IRA money …

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Non-Debtor Spouse May Be Liable For Fraudulent Transfer To Entireties Account

Bankruptcy, Fraudulent Transfers / July 15, 2019 May 22, 2020

I’ve warned many clients against making fraudulent transfers of money to their non-debtor spouse or to tenants by entireties with their spouse. A creditor may get a general money judgment against the non-debtor spouse for the value of assets transferred. The transfer to the spouse risks making the spouse a new defendant in the creditor’s …

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New Florida Law Curtails Mortgage Foreclosure Defense By Bankruptcy Debtors

Bankruptcy, Mortgage Foreclosure / April 9, 2018 May 22, 2020

During the mortgage crises of 2008 through 2010 many of my clients were desparate to hold on to their homes that were under water and facing foreclosure. Some attorneys began to specialize in the area of foreclosure defense. These attorneys were skilled and delaying bank foreclosure actions during which time the homeowner occupied their home …

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Income Tax Liability In Bankruptcy For Appreciated Property

Bankruptcy / March 30, 2017 May 22, 2020

People avoid filing Chapter 7 bankruptcy if they have non-exempt property with significant equity. Yet, consider a debtor who owns real estate that has appreciated and therefore has a built in liability for capital gain. If that debtor files bankruptcy could the IRS hold him personal liable after bankruptcy for the income tax liability associated …

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Supreme Court: Fraudulent Transfer Debts Not Dischargeable In Bankruptcy

Bankruptcy, Fraudulent Transfers / June 13, 2016 May 22, 2020

A bankruptcy debtor cannot discharge debts incurred by false representation or actual fraud. Appellate court decisions split as to whether a debt incurred as part of a fraudulent transfer of assets is included in the category of “actual fraud” that may not be discharged in bankruptcy. Some courts have held that actual fraud in the …

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Bankruptcy Court Says No Claims Permitted For Conspiracy or Aiding And Abetting Fraudulent Transfers

Bankruptcy, Fraudulent Transfers / February 12, 2012 May 22, 2020

A recent bankruptcy court decision addressed the issue of whether people who assist a debtor’s pre-bankruptcy fraudulent transfers can be held liable for damages in the bankruptcy proceeding. In this case, a trustee hired to liquidate debtor property filed a complaint pursuant to Section 544(b) of the Bankruptcy Code against a group of people for …

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Means Testing and Business Debts

Bankruptcy, Business Asset Protection / October 21, 2005 May 22, 2020

The new bankruptcy law imposes a “means test” to determine if certain debtors are eligible to file Chapter 7 bankruptcy. Only debtors who, according to the means test formula, lack the ability to repay substantial portion of their debts may file Chapter 7.

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