Reverse Piercing of Corporate Veil

Sometimes a creditor with a cause of action against a corporation will try to “pierce the veil” of the corporation to hold liable the owners of the company if the creditor believes the owners have significant assets. There is a different concept called “reverse piercing” when a creditor will try to attack a corporation and its assets to satisfy a claim initially brought against the individual owners. Continue reading

Settlement of Student Loan Debt

There have been many news reports recently about the large amount of student loan debt burdening young people entering the workforce. Most people know that bankruptcy may not discharge student loan debt except in circumstances of “extreme hardship.” . I am often asked by clients or just blog readers for suggestions dealing with large amounts of student loan debt. Continue reading

Protecting The Home When One Spouse Files Chapter 7: New Residents

I received an inquiry from prospective bankruptcy clients who had moved to Florida from New York just over six months and had purchased jointly a Florida homestead. The wife had substantial unsecured debts and wanted to file Chapter 7 bankruptcy. The couple was concerned that their homestead would not be protected under Florida’s homestead exemption in the wife’s bankruptcy because they had lived in Florida less than two years and could not use Florida exemptions. Continue reading