Tag Archives: Asset Valuation
How To Keep Your Assets In Bankruptcy
There is a persistent myth that debtors lose most or all of their property when they file bankruptcy, but most states have very generous bankruptcy exemptions, which means that the opposite is true, and most debtors get to keep most or all of their property. Both Illinois and Indiana mostly use value-based exemptions as… Read More »
Asset Valuation Issues In Bankruptcy
Social media is the new frontier for bankruptcy trustees in Illinois and elsewhere. Curtis James Jackson III (a/k/a rapper 50-cent) raised some eyebrows in the trustee’s office after he posted an Instagram photo that appeared to show him posing with mounds of undeclared cash; he later explained that the money was all fake. Roughly… Read More »
Can I Keep My Sports Memorabilia In Bankruptcy?
Former basketball phenom and erstwhile actor Darius Miles, who made over $60 million in his brief professional career, may have to part with his sports memorabilia collection at an upcoming bankruptcy auction. The Los Angeles Clippers selected the 18-year-old East St. Louis High School standout in the first round of the 2000 draft; in… Read More »
Valuing Assets In Bankruptcy Cases
Most bankruptcy exemptions in Illinois and Indiana are dollar-based as opposed to item-based. So, a certain amount of home equity is exempt as opposed to the houses themselves, and a certain amount of vehicle equity is exempt as opposed to the vehicles themselves. For the most part, these exemptions are quite generous and debtors… Read More »
