When Gift-Giving Is a Fraudulent Transfer, and When It Isn’t

Wasson and ThornhillBankruptcy Law

Gift-giving, including selling something for much less than it’s worth, can be a problem in a latter bankruptcy. But usually it’s not.   Most people filing bankruptcy have neither a need nor the desire to hide anything from their creditors. There’s no need because most people’s assets are already protected through state and federal laws. There’s no desire because most … Read More

Showing How the Means Test Can Work for You

Wasson and ThornhillQualifying for Bankruptcy

Here’s an example showing how the means test can work for you, especially if you file your Chapter 7 case before the end of 2018.   The month of December is the month that people receive more income than any other month of the year. According to the federal Bureau of Economic Analysis (part of the U.S. Department of Commerce), for at … Read More

Unexpected Benefit: Keep Vehicle Lease in Chapter 13

Wasson and ThornhillVehicles & Bankruptcy

Chapter 13’s main advantage over Chapter 7 with a vehicle lease is that you get much more time to catch up if you’re behind on your payments.   Vehicle Lease Assumption under Chapter 7 Our last blog post showed how to keep a leased vehicle by “assuming” the lease in a Chapter 7 case. This means you keep making the … Read More