From the Editor’s Desk - Property of Estate and Exemptions • NACTT Academy

From the Editor’s Desk – Property of Estate and Exemptions

By The Honorable William Houston Brown (Retired)

Profit-sharing plan was not exempt. Prior to filing Chapter 13, which was converted to Chapter 11 and then 7, the IRS had audited the debtor’s tax return, including requesting documentation about a profit-sharing plan. The fact that IRS had closed its audit did not create a presumption that the profit-sharing plan was exempt from the bankruptcy estate, and the bankruptcy court found that the plan was not exempt under § 522(b)(3)(C), due to repeated violations of applicable tax laws, including eight transactions by . . .

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Critical Case Comment – Post-Petition 401(k) Contributions ARE Disposable Income

Henry E. Hildebrand, III

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Post-petition voluntary contributions to a 401(k) are not reasonably necessary expenses and are thus included in disposable income in calculating a debtor’s Chapter 13 plan. (Freeman) In re Saldana, 2023 WL 3483241 (N.D. Cal. May 15, 2023) Case Summary In April of 2022, Jorden Marie Saldana filed a voluntary petition under Chapter 13. Ms. Saldana was single with no dependents...

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Critical Case Comment

Henry E. Hildebrand, III

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Henry E. Hildebrand, III

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Cathy Moran

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Cathy Moran

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Mention keeping time records to a bankruptcy lawyer and you’re likely met with expressions of utter revulsion. All too many assert that the major appeal of being a bankruptcy lawyer is precisely that they don’t have to keep time. Between flat fee deals with clients, and no look fees in Chapter 13, they feel liberated from the clock and the...

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Debt Buyers Pay a Lot Post-Taggart

Cathy Moran

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You know it won’t go well for the creditor in a discharge violation when the opinion opens by characterizing the debtor as a single mother and registered nurse who discovers her $20k bank balance is now negative.

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The Academy

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(The DuPage County Bar Association grants permission to reprint all or part of this article, Chapter 13 Saves the World! by Arthur Rummler, Volume 29, Issue 9, May 2017 edition of the DCBA Brief. Copyright 2017, DCBA Brief, All Rights Reserved.) We are pleased to reprint an article referred to recently by Director Twomey of the Executive Office for United...

Motions to Extend or Impose the Automatic Stay

Erik P. Kimball

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