Podcast
Questions and Answers
In bankruptcy exemption planning, what is the primary goal?
In bankruptcy exemption planning, what is the primary goal?
- Converting non-exempt assets into exempt assets
- Maximizing the debtor’s exemption to prevent liquidation of assets (correct)
- Avoiding filing for bankruptcy altogether
- Minimizing the debtor’s exemption to satisfy creditors' claims
What was the outcome in the case of In Re Tveten regarding the attempt to exempt $700k of net assets?
What was the outcome in the case of In Re Tveten regarding the attempt to exempt $700k of net assets?
- The court held that trying to exempt $700k was excessive and could be seen as taking advantage of the bankruptcy code (correct)
- The court ruled that the exemption of $700k was reasonable and in line with bankruptcy laws
- The attempt to exempt $700k was successful, and the assets were protected from creditors
- The lawyer successfully converted the $700k net worth to exempt assets without any issue
What was the financial situation of Vangen before filing for bankruptcy?
What was the financial situation of Vangen before filing for bankruptcy?
- She incurred 400K in marital debt due to a divorce and a dispute involving her husband's company (correct)
- She had no outstanding debts before the bankruptcy filing
- She successfully liquidated her assets and paid off all her debts
- She transferred all her assets to a retirement account to avoid creditors
What did the court's decision in In Re Tveten indicate about attempting to convert non-exempt assets into exempt assets?
What did the court's decision in In Re Tveten indicate about attempting to convert non-exempt assets into exempt assets?
What are the 4 principles to follow in the conversion process from non-exempt to exempt assets?
What are the 4 principles to follow in the conversion process from non-exempt to exempt assets?
What are the 2 ways to retain assets according to the text?
What are the 2 ways to retain assets according to the text?
What is the consequence of getting close to 700k according to the Tveten Case?
What is the consequence of getting close to 700k according to the Tveten Case?
When must the Chapter 7 attorney be paid according to the text?
When must the Chapter 7 attorney be paid according to the text?
What could be considered an antecedent debt according to the text?
What could be considered an antecedent debt according to the text?
What type of life insurance policy is designed to pay off a borrower's outstanding debts if the borrower dies?
What type of life insurance policy is designed to pay off a borrower's outstanding debts if the borrower dies?
In which type of bankruptcy can the trustee be paid throughout the process?
In which type of bankruptcy can the trustee be paid throughout the process?
What is the consequence of putting money into retirement annuities according to the text?
What is the consequence of putting money into retirement annuities according to the text?
