The Jamie Solow Case

The Jamie Solow contempt incarceration case has caused a lot of people to write a lot of articles and offer a lot of opinions – most of which are completely inaccurate. The author, Howard D. Rosen, is one of Mrs. Solow’s attorneys, attended court hearings, testified, and can state with accuracy what actually transpired in this case.

Homestead Exemptions

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On April 20, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted into law. The stated purpose of the Act is to “improve bankruptcy law and practice by restoring personal responsibility and integrity in the bankruptcy system and ensure that the system is fair for both debtors and creditors.”

IRA Exemptions: Supreme Court Settled the Matter?

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On April 4, 2005, the United States Supreme Court handed down its decision in Rousey v. Jacoway, a case addressing the issue of exempting individual retirement accounts (IRAs) from federal bankruptcy proceedings. The decision was widely hailed in the financial press, with such headlines as “High Court Rules IRAs Untouchable – Unanimous Decision Means Retirement Savings Are Protected From Creditors”.

Offshore Trusts can Create Legal Obstacle Course for Claimants

Consider the thought processes of your claimant’s attorney contemplating an action to recover assets from a trust in a foreign country. He knows nothing of the country’s geography, laws, procedures, costs, or even its currency. These factors become immediate hurdles in a legal obstacle course upon which he is about to embark.

Asset Protection In Real Life

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Florida has received a lot of bad press in recent years as a result of notorious types like Bowie Kuhn moving here from up north at the “eleventh hour” to establish an exempt Florida homestead. Our legislature has had enough, and is now considering a proposed constitutional amendment which could force a homeowner with more than $350,000 of equity to sell the home to pay creditors.

The New Florida Exemption Laws

On May 14, 1993, the Florida Legislature enacted (without the Governor’s signature) significant changes and added new provisions to Florida’s exemption laws. These changes become effective on October 1, 1993, although the effective date provision could have been more clearly drafted. In this issue, we will examine these new and changed provisions and see how you may be affected.

Florida Exemption Planning

Exemptions are provided by the laws of each state in order to protect specified property interests from being reached by creditors and bankruptcy courts. Each state may adopt its own exemption laws, or may choose to adopt the federal bankruptcy exemptions, or may permit its residents their choice.