Bankruptcy Blog - Asset Protection
At Oliveros & O’Brien we are at the leading edge of bankruptcy law and practice. Michael O'Brien is one of only three attorneys in the State of Oregon who is Board Certified as a Consumer Bankruptcy Specialist by the American Board of Certification. He is a frequent speaker at seminars for other attorneys on bankruptcy issues.
We also believe in giving our website visitors and our clients the opportunity to get current, accurate, and practical information about bankruptcy and financial matters. So every week on Monday morning we publish a blog. Their titles and short summaries are listed below, with the most recent one on top. Click on the “More...“ after each one to read the whole blog. Also, if you want to see all of our blogs in a certain catagory, just click on the appropriate one in the column to the right.
Hanging on to Your Tax Refunds While Filing a Chapter 7 Case
April 5, 2010 by Oliveros & O'Brien, P.C.
This time of year, you may be really counting on getting your income tax refunds. But watch out if you are thinking about filing a bankruptcy. The timing of that filing can make the difference between keeping those refunds and losing them to your creditors. Here’s how it works.
Homestead Exemption Basics
February 15, 2010 by Oliveros & O'Brien, P.C.
The "homestead exemption" is one of the most common and important concepts in bankruptcy law. But what does it really mean? How do you qualify for it? What kinds of homeownership does it apply to or not apply?
Manufactured Homes and Floating Homes: The Big Winners of the New Oregon Homestead Exemption
November 2, 2009 by Oliveros & O'Brien, P.C.
This summer the Oregon homestead exemption was increased. That helped some people living in regular houses, but arguably the biggest benefit went to homeowners living in manufactured and floating homes. Their homestead exemption increased much more, as the law did away with a number of homestead categories and raised all the homestead exemptions to the same level.
Big Advantages of Chapter 13: Saving Your Vehicle, and for a Whole Lot Less Money
October 19, 2009 by Oliveros & O'Brien, P.C.
If you have a choice between doing either a Chapter 7 “straight bankruptcy” or a Chapter 13 “wage earner plan, why would you do the Chapter 13? Some people don’t qualify for Chapter 7, and so do not have any choice. But every year at least tens of thousands of people intentionally choose Chapter 13 because it is better for them. Often it’s because of their vehicles: Chapter 13 can SAVE a vehicle that you would otherwise LOSE in a Chapter 7 case. And it can enable you to KEEP a vehicle by GIVING YOU MORE TIME TO PAY FOR IT and sometimes PAYING LESS to your creditor—sometimes LOTS LESS—than you would in Chapter 7.
They Can Take my Car?! Less Likely under Oregon’s New Vehicle Exemption
September 28, 2009 by Oliveros & O'Brien, P.C.
This summer the Oregon exemption for a vehicle increased from $2,150 to $3,000. In practical terms, how does this increase work in Chapter 7, particularly if you are married? What if the two of you have only one vehicle? Or if you each have a vehicle but only one is filing bankruptcy?
Finding the Silver Lining in Declining Home Values: The New & Definitely Improved Oregon Homestead Exemption
September 21, 2009 by Oliveros & O'Brien, P.C.
This summer the Oregon legislature unanimously passed and Governor Kulongoski signed into law a significant increase in the homestead exemption. In the meantime, during the last year or two home values have significantly decreased for hundreds of thousands of Oregon homeowners. These two happenings have created important opportunities for those who know about them.
Have Too Much Assets for a Chapter 7 “Straight Bankruptcy”? Keep Everything You Own Through Chapter 13
September 7, 2009 by Oliveros & O'Brien, P.C.
A Chapter 7 bankruptcy is quite rigid about what possessions you are allowed to keep. If you own anything that is not on the list of "exemptions" or is worth more than the one-size-fits-all exemption dollar limit, you must give it to the Chapter 7 trustee. If you are in this situation, Chapter 13 could provide an excellent way to keep everything own, or everything you want to keep.