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CAN THE IRS TAKE MY IRA IN BANKRUPTCY?

In asset protection planning and bankruptcy practice people take the protection of retirement accounts for granted.  They are well protected from the claims of most bankruptcy trustees and creditors by state and federal exemption law, but there is one creditor from whom state and bankruptcy code exemptions provide no protection—the Internal Revenue Service. How is … Continued

Richard Olson wins key dispute in Maine Bankruptcy Court

03/04/15 Richard Olson of Perkins Olson was on the winning side in an important decision of the Maine Bankruptcy Court.  As counsel to the Debtor we opposed payment of a large brokerage commission where the Debtor’s estate never employed the broker and the prepetition listing agreement terminated under its own terms prior to the commencement … Continued

Richard Olson Completes American Bankruptcy Institute/St. John’s University Mediation Course

12/12/14 Richard Olson has completed the 40 hour “Gold Standard” mediation course sponsored by the American Bankruptcy Institute and St. Johns University in New York city.  The ABI/St. John’s Bankruptcy Mediation Training is designed to educate mediators about the theory, skills and specific practice challenges of bankruptcy mediation. Guided by a distinguished faculty of nationally … Continued

MORTGAGES AFTER BANKRUPTCY

By Richard Olson – 11/7/14 I am often asked how long after a bankruptcy someone has to wait before they can get a mortgaged.  A recent New York Times article offers some insight and like most things relating to rebuilding credit, the answers are neither obvious or obviously rational.  http://tinyurl.com/q4tk8ap  For a Fannie Mae mortgage … Continued

STUDENT LOAN DEBT AND MEDICAL DEBT—POSSIBLE LEGISLATION

By Richard Olson1 – 8/4/14 Student loan debt is almost impossible to discharge.  According to a 2013 study by NerdWallet Health, unpaid medical bills are expected to be the number-one cause of bankruptcy filings, surpassing both credit card and mortgage debt.  The text of the bill is available at https://beta.congress.gov/113/bills/s2471/BILLS-113s2471is.pdf  Senators Sheldon Whitehouse and Elizabeth … Continued

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