Bruce Wayne Bankrupt?

ruce Waye Bankrupt?  Say it ain’t so!

Last week we looked at Wayne Industries possible bankruptcy in The Dark Knight Rises.

Well, as I practice in Michigan, let’s pretend Gotham City is here in the Great Lakes State.

My memory of the flick may be fading, so I may be off on the facts.  Such as they were disclosed in the film.

James Daily discussed this topic in general on his site, Law and the Multiverse, but I will focus on

a Bruce Wayne bankruptcy in Michigan.

 

In the movie, the bad guys manage to trade in Bruce’s account.  Bad trades, of course, that cost him his fortune.  Arguendo.  That is lawyer Latin for, assume for purposes of this blog post.

In Michigan, when our citizens file bankruptcy, they get the choice between Michigan state exemptions, and, the federal exemptions.  Most states have opted out of the federal, restricting debtors in their state to whatever state exemptions are available.  And these vary widely.

So, if Bruce were married, and, if the debts were only in his name, and if, the mansion and bat cave were in his and his wife’s name, in Michigan, the property would be exempt as being held as tenants by the entireties.  Fancy term for husband and wife.  The policy was to protect the wife from husband’s dumb deals, so that the marital home could not be attached by his creditors.  Or, by her sole creditors.

As I always say, if we had some ham, we could make a sandwich, if we had some bread.

So, Bruce not being married, can he keep, exempt from creditors, his mansion and cave?

Let’s assume there is no mortgage.  After all, how could you appraise the Batcave?  Hard to find comps for that one.

Bruce being under age 65, cannot get the $45,000 state homestead exemption, but is limited to the $30,000 one.  Which is more than the federal exemption.

So, if Bruce is stuck in Chapter 7:  goodby mansion!

More “B” topics from consumer lawyers:

Bad Faith Filing    Miami Bankruptcy Attorney, Dorota Trzeciecka
Bank Account    New York Bankruptcy Lawyer, Jay S. Fleischman
Bank Account    Daniel J. Winter, Chicago Bankruptcy Attorney
Bank Account Levy    Philadelphia Bankruptcy Lawyer, Raymond Kempinski
Bank Tips    Wisconsin Bankruptcy Lawyer, Bret Nason
Bankruptcy     Taylor Michigan Bankruptcy Lawyer, Christopher McAvoy
Bankruptcy Abuse Prevention and Consumer Protection Act    Livonia Michigan Bankruptcy Attorney, Peter Behrmann
Bankruptcy Estate    Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein
Bankruptcy Mill    Chicago Bankruptcy Attorney, Kyle A. Lindsey
Bankruptcy Petition Preparers    Colorado Springs Bankruptcy Attorney Bob Doig
Bankruptcy Petition Preparers    Los Angeles Bankruptcy Law Monitor, Christine Wilton
Bankruptcy Timeline    Pittsburgh Bankruptcy Attorney Shawn N. Wright
Bar Date    Ormond Beach Bankruptcy Attorney, Lewis Roberts
Benefits of Chapter 13    Vermont-New Hampshire Bankruptcy Lawyer, Michelle Kainen
Best Efforts Test    St. Louis, Missouri Bankruptcy Attorney, Nancy Martin
Best Interest of Creditors    Honolulu Bankruptcy Attorney, Stuart Ing
Beware of these Credit Card Offers    Marin County Bankruptcy and Consumer Attorney, Catherine Eranthe
Bifurcate    Tuscaloosa and Birmingham Bankruptcy Lawyer, Melinda Murphy Dionne
Borrow    San Francisco Bankruptcy Attorney, Jeena Cho
Budget     Columbus, Ohio Bankruptcy Attorney, Athena Inemboildis
Budget     Birmingham Bankruptcy Attorney, Elizabeth Johnson
Budget     Charlotte Bankruptcy Attorneys, Collum & Perry
Business    Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell
Business    Northern California Bankruptcy Lawyer, Cathy Moran
Business & Individuals    Philadelphia Suburban Bankruptcy Lawyer, Chris Carr
Business bankruptcy    Los Angeles Bankruptcy Blog, Mark J. Markus
Businesses and Business Debt    Newnan Georgia Bankruptcy Lawyer, Rick Palmer
Buy Low and Sell High    Cleveland Area Bankruptcy Lawyer, Bill Balena
Bad Credit    Houston Bankruptcy Attorneys, Busby & Associates

 

Letter “B” image by Dreamstime

Michigan map by Dreamstime

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One Response to Bruce Wayne Bankrupt?
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