| IRA Protection in Bankruptcy |
| Social Security benefits, company pensions, and 401(k) plans are all shielded by law and are, therefore, not lost to creditors in bankruptcy. Whether that same protection extends to an individual retirement account (IRA) is not clear. The bankruptcy law, which was drafted in the 1970's before IRAs became such an important vehicle for retirement savings, is ambiguous. This has led to contradictory rulings in federal courts around the country.More... |
| Bankruptcy Discharge |
| Bankruptcy is a process created by federal law that provides relief for debtors, who can either eliminate their debts or repay their debts. Chapter 7 "liquidation" is the process by which debtors wipe out or "discharge" many of their debts. More... |
| Alimony and Support Claims |
| Filing for bankruptcy does not suspend or stop the obligation to pay child support or alimony. Whether an obligation imposed by a divorce decree is dischargeable depends on whether it is characterized as support or as a property settlement. In many instances, obligations for property settlement can be discharged in bankruptcy, while obligations for child support and alimony cannot be discharged in bankruptcy. Bankruptcy law, not state law, determines whether an obligation is a support obligation or a property settlement obligation.More... |
| Discriminatory Treatment Protection |
| The Bankruptcy Code protects bankruptcy debtors from various forms of discrimination based upon the filing a bankruptcy case, insolvency prior to a bankruptcy case, or nonpayment of a debt that was discharged in a bankruptcy case. It also protects other persons with whom a bankruptcy debtor has been associated. Many of these protections are not limited to individuals who have been bankruptcy debtors or who have been associated with bankruptcy debtors.More... |
| Chapter 11 Automatic Stay |
| A Chapter 11 automatic stay comes into effect immediately upon the debtor's bankruptcy filing without the need for any court order. The stay helps to assure equality of distribution by preventing one creditor from seizing assets before others have had an opportunity to do the same. More... |
Mauro Law Offices, P.C.
