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A Brief History of Bankruptcy

The American judicial system is based on English common law and a lot of trial and error. The first bankruptcy laws in England were passed under King Henry VIII (the one with all the ex-wives) in 1542. These laws bore no resemblance to our modern laws. An unpaid debt could only be discharged with a...

Economists Argue That a Recession May be Inevitable

One of the major factors in determining the number of and scope of consumer bankruptcies is the presence of an economic recession. To understand the matter, you must first understand the terminology. A recession is a period of decreased economic performance that lasts for months. While the primary determining factor for ranking recessions is related...

Will My Divorce Impact My Retirement?

There is no nice way to say it, but the chances are good that a divorce will impact your retirement savings. 401(k)s and IRAs are not protected assets in a divorce settlement. Any retirement funds that you have accrued throughout the course of your career are subject to equitable distribution. Those who have gone through...

New Changes to Chapter 13 Bankruptcy Could Help Consumers

A congressional bill introduced by Iowa senator Charles Grassley (SB 3823) would increase the debt limits in Chapter 13 bankruptcy and make filing for Chapter 13 bankruptcy much easier.  Chapter 13 is ideal for those who have money tied up in secured assets like a home mortgage, a second mortgage, car payments, or are paying...

What is Chapter 20 Bankruptcy?

There is no “chapter 20” bankruptcy. It is sort of a joke that lawyers tell. But it is a useful joke as it refers to a certain situation in which a debtor who owes too much money is allowed to use Chapter 13 bankruptcy protections. Before we discuss why this is useful, we need to...

Can You Put a No-Contest Clause in Your Living Trust or Will?

When you think of a ‘no-contest’ clause, you are likely thinking about employment contracts. But the term ‘no-contest’ applies to several types of legal action and probably does not mean what you think it means.  The noun contest has the accent on the first syllable. However, the verb to contest has the accent on the...

How Does Divorce Work for Same Sex Marriages in Indiana?

In 2014, Indiana recognized same-sex marriages as legally binding unions. For those same-sex couples that were waiting to get legal legitimacy to their relationship, this had to have been a day of rejoicing. Still, like with heterosexual couples, marriage is not always a confirmation and guarantee that a relationship will be everlasting and work out...

Can You Cite Irreconcilable Differences to Divorce in Indiana?

There is a lot to digest and do when filing for divorce. One necessary action item is establishing the grounds for which the divorce should proceed. In popular culture, these days, it has become commonplace to hear celebrities and other well-known personalities file for divorce citing “irreconcilable differences” as the reason for the dissolution of...