BLAW 2013 Lecture Notes - Lecture 24: Income Tax, Passive Income
21 Mar 2017
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Anything you earn after date of bankruptcy= yours to keep fresh start . Anything inherit/ receive by gift within 6 months after date of bankruptcy (= part of estate) Buy lottery before le of bankruptcy & win > have to pay the debt back. Protecting creditors from abuse by debtors: fraudulent transfers : the 2 years rule. Debtor either had actual intent to defraud creditor or transfer caused the debtor to become insolvent (some states= longer than 2 yrs: preference: the 90 day rule. Debtor cannot prefer one creditor over another (90 days before period of bankruptcy) (able to do it before 90 days period) Debtor chooses either federal/ state exemption: federal. Household items: ,250: pesky state exemptions . Very conservative (allowed to keep : wearing apparel, small amount of money. if single, if married/ w. dependent: homestead. If married/ have married, allowed to keep house. Must live in state 720 days to move.
