At the end for 2014, Congress created a new tax-free savings vehicle, called an ABLE (Achieving a Better Life Experience) account, designed to assist families in saving money for the support of individuals with disabilities. The accounts work like college savings accounts.
In a unanimous opinion yesterday, the U.S. Supreme Court ruled that when a debtor converts a Chapter 13 bankruptcy case to a Chapter 7 case, any undistributed Chapter 13 plan funds in the trustee’s possession belong to the debtor, and not to the trustee or creditors.
The Utah legislature increased the dollar amounts for several of the Utah bankruptcy exemptions, and added an exemption for wages. The changes, which became effective on May 14, 2013, are as follows: Homestead exemption Real property, mobile home or water rights up to $5,000 if the property is not debtor's
In May 2013, the U.S. Court of Appeals for the Fourth Circuit rules that debtors can strip off wholly unsecured junior liens in a Chapter 13 bankruptcy that follows close on the heels of a Chapter 7 bankruptcy (often referred to as Chapter 20 bankruptcy).(In re Davis, No. 12-1184 (May 10, 2013).)
In Palomar v. First American Bank, No. 12-3492 (7th Cir. July 11, 2013), the Seventh Circuit for the Court of Appeals ruled that Chapter 7 bankruptcy filers cannot get rid of unsecured liens on their homes.
On January 11, 2011 in Ransom v. FIA Card Services, MBNA, America Bank, U.S. (2011), the United States Supreme Court held that in a Chapter 13 bankruptcy, a debtor cannot use the car-ownership deduction to deduct ownership costs if the debtor does not make car loan or lease payments.