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
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
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 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