A unanimous Supreme Court has held that the funds in an inherited IRA do not qualify for exemption in bankruptcy because they do not share the same characteristics as "retirement funds" that traditional IRAs have. Here are the facts of the case - In 2000, Ruth Heffron established a traditional IRA and named her daughter, Heidi Heffron-Clark, as the sole beneficiary. When Ms. Heffron died the next year, the IRA, worth at the time about $450,000, passed to Heidi as an inherited IRA. Heidi elected to take monthly distributions from the account.
The Judicial Conference has approved a fee increase effective June 1, 2014.
The fees for filing a chapter 7 case will increase from $306.00 to $335.00.
The fees for filing a chapter 13 case will increase from $281.00 to $310.00
This is a $29.00 increase in the filing fees.
The fees for filing an adversary proceeding will increase to $350.00 (Debtors are not charged filing fees for adversary proceedings).
Chapter 11 filing fees will increase to $1,717.00.
(Reprinted from bankruptcy law network)"Talking to a lawyer is rarely fun. Having to talk to a bankruptcy lawyer seems down right scary or painful. So if you have debt problems and need to see us, try to get the most out of it.Every Lawyer Has A Process.
Like anyone else who has been doing a job a long time, most of us have a process we follow in collecting information and explaining bankruptcy to folks. Usually that process is there to make sure we catch all the crucial issues that could make your life miserable so bear with us. We're really not trying to drive you crazy with "irrelevant" questions or changes in topic, we're just filling in blanks in the mosaic so we can help you better.
So for example if the lawyer wants you to fill out some intake paperwork, try to be thorough. If he wants you to hold off on questions until he runs through all his standard questions, try to be patient. You want him to do a good job for you, so let him use the process that works best to get you that quality product, right?
New York residents are probably familiar with the growing problem of student loan debt. The cost of education keeps going up, and many graduates are finding that there aren't enough well-paying jobs available to help them pay off their loans once they come due. Many of these graduates are seeking credit counseling relatively soon after they leave school.
Long Island residents may remember Dionne Warwick's' voice as one of the most recognizable of the 1960s, in hits such as "Walk on By" and "Do You Know the Way to San Jose?" At 72, she still performs fairly regularly. But according to her publicist, gross financial mismanagement in the 1980s led her into long-term financial problems.
To those who are struggling with overwhelming debt, personal bankruptcy seems like anything but a laughing matter. But apparently some people think otherwise.
Consumer advocacy groups in New York and across the country have long warned of the "debt traps" posed by payday loans. Certain practices by short-term lenders, they say, are designed to send borrowers who really need debt relief into a spiral of debt. Now, federal investigators may be preparing to take action against some of the most controversial lender practices.
Realizing a business venture is on the brink of possible failure can be a sobering event. Business owners in this situation often need to make difficult decisions about the future of their companies. Chapter 11 bankruptcy may be an unfortunate, but necessary, option to save a failing business.
Filing for bankruptcy is a step that people from any socio-economic background can consider if their liabilities are greater than their assets. Whether the individual involved is a millionaire, is struggling from one paycheck to the next or has suffered from a job loss, bankruptcy protection can assist with debt relief and provide some financial breathing room. In the case of one former executive, such a filing was the continuation of an ongoing professional and personal saga.
The decision to file bankruptcy can be a difficult one, but in financially challenging times, it may be a sound option. Filing Chapter 11 bankruptcy can help a struggling business reorganize debt in an effort to keep it from going under. Businesses facing this difficult choice should get an understanding of debt reorganization and how bankruptcy laws can benefit a business.