Supreme Court Decides Against Stripping Second Mortgage In Chapter 7
201506.14
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Supreme Court Decides Against Stripping Second Mortgage In Chapter 7

This session of the Supreme Court decide a bankruptcy dispute that was widely watched by bankruptcy attorneys: Caulkett v. Bank of America. In Caulkett v. Bank of America, Justice Clarence Thomas and his Supreme Court colleagues unanimously decided that underwater homeowners cannot use the chapter 7 bankruptcy process to remove second mortgages that are entirely…

201502.20
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‘Real Housewives of New Jersey’ Star Teresa Giudice Now In Prison For Her Bankruptcy Crimes

In early January, Real Housewives of New Jersey star Teresa Guidice reported to federal prison in Danbury, CT. She is now serving a 15 month sentence for committing bankruptcy fraud and mail and wire fraud conspiracy. Her husband, Joe Giudice, was sentenced 41 months. He will have to report to prison after Ms. Guidice gets…

Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate
201407.04
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Supreme Court Holds Inherited IRAs Are Part Of The Bankruptcy Estate

With only a few exceptions, the Bankruptcy code exempts Individual Retirement Arrangements, more commonly known as IRAs, allowing debtors to keep their retirement funds. In a recent unanimous decision in the case of Clark v. Rameker, the Supreme Court created another exception to this general rule. The Court held that an inherited IRA has no…

Supreme Court Reviews Exemption of Inherited IRA funds
201405.04
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Supreme Court Reviews Exemption of Inherited IRA funds

The U.S. Supreme Court is presently considering whether an inherited retirement account funds can be protected against bankruptcy claims. The justices will decide the appeal of a Wisconsin couple, Brandon C. Clark and Heidi Heffron-Clark, who filed Chapter 7 bankruptcy in 2010 after their pizza shop business failed in 2009. The bankruptcy court rejected the…

201309.16
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The Student Loan Debt Bubble

Approximately 37 million people in the United States of America have outstanding student loan debt. The average balance per borrower for outstanding student loan is around $23,300. Comparatively, the college class of 2013 will graduate owing on average $35,000 in federal, state and private loans. The total amount of student loan debt in the United…