How Much Home Equity Is Too Much?…

Introduction by Gerard Forgét, III, JD, MBA, LLM(TAXATION), Omaha, NE

Homestead exemptions are tantamount to any Chapter 13 filing. Several bankruptcy attorneys have stated that the primary reason for a debtor filing a Chapter 13 bankruptcy is to retain possession of their home. Depending on the state in which they file, the applicable homestead exemption will apply. In some states, the federal exemption may be elected; as an alternative to the state.

BAPCPA introduced additional limitations on debtors exempting their residences utilizing the particular state homestead exemption. These limitations examine pre-petition homestead acquisitions (n.b. “look-back . . .

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Honorable Kevin R. Anderson, U.S. Bankruptcy Court District of Utah

April 7, 2019

Prior to his appointment as a bankruptcy judge for the District of Utah in September of 2015, Judge Anderson served for seventeen years as the Standing Chapter 13 Trustee for the District of Utah. During this time, he administered over 70,000 Chapter 13 cases. Judge Anderson was elected president of the National Association of Chapter 13 Trustees (NACTT), and he...

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Tax Tips for Taxpayers to Consider When Selling Their Home

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The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home: Ownership and use To claim the exclusion, the taxpayer must meet ownership and...

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By Henry E. Hildebrand, III, Chapter 13 Standing Trustee (Nashville, TN) Are private educational student loans automatically excepted from discharge by § 523(a)(8). (Jacobs) Homaidan v. Sallie Mae, Inc., Navient Solutions, LLC, 2021 WL 2964217 (2nd Cir. July 15, 2021) Case Summary Hilal Homaidan received a number of educational loans to attend College. Shortly after graduation, he filed a Chapter...

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From the Editor – Claims

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9th Circuit Joins the Bandwagon

Henry E. Hildebrand, III

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The Ninth Circuit has now joined its sister Circuit in holding that the Bankruptcy Code does not permita Chapter 13 Trustee to retain the percentage fees collected on payments that a chapter 13 debtor made pre-confirmation in accordance with 26 U.S.C. §586 but, upon dismissal prior to confirmation of the plan, is obligated to return the fee to the debtor,...

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Critical Case Comment – Pigs Get Fat/Hogs Get Slaughtered

Henry E. Hildebrand, III

March 19, 2023

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