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Chapter 13 Bankruptcy: What Is the Point of a 100% Payment Plan?

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Chapter 13 Bankruptcy: What Is the Point of a 100% Payment Plan?

Chapter 13 Bankruptcy Can Offer Better Value than Direct Creditor Payment Even When Paying Debt in Full What Is Chapter 13 Bankruptcy? First, read more about Chapter 13 bankruptcy here.  That said, Chapter 13 bankruptcy is a form of personal bankruptcy that requires you to repay some percentage of what you owe to your creditors over a fixed period of time before you receive a discharge on the balance of your debt. A Chapter 13 is a payment plan bankruptcy, in ...

Posted on December 8th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Reaffirmation Required of Debts Secured by Personal Property in Eastern Michigan

Reaffirmation Required: No "Ride-Through" Allowed Says Bankruptcy Judge — Reaffirmation Required: What Is It? Reaffirmation agreements and their role in Michigan Chapter 7 bankruptcies were described in our prior blog post on the subjection here. Long story short, however, a "reaffirmation agreement" is a separate agreement that may be provided to you in a Chapter 7 bankruptcy by a creditor holding a "secured" debt (a debt for which collateral has been pledged, such as a home mortgage or car ...

Posted on December 1st, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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How Does my Home Equity Affect my Chapter 13 Bankruptcy?

You Won't Lose Your House in a Chapter 13—But You May Pay More Home Equity in Chapter 13 Bankruptcy Increasing home equity with rising real estate prices in many areas of Metro Detroit is one thing that many are thankful for this Thanksgiving holiday. However, when considering Chapter 7 or Chapter 13 bankruptcy, it is important to remember that all assets, including your home, are at issue in the bankruptcy process. In a Chapter 7 bankruptcy, the consequence of ...

Posted on November 22nd, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Should I Disclose my Class Action Award to my Bankruptcy Lawyer?

A Class Action Award or Suit Membership Should Always Be Disclosed to your Michigan Bankruptcy Attorney [caption id="attachment_3352" align="aligncenter" width="300"] By Intelligentguy89 (Own work), via Wikimedia Commons[/caption] Class Action Lawsuits Are Assets in Bankruptcy Matters If you have received one of those little postcards reading "You May be a Member of Class Action" or if you have already received an award in a class action lawsuit, you need to inform your Michigan bankruptcy attorney, regardless of whether your ...

Posted on November 15th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Discharge my Lularoe Debt in Bankruptcy?

Lularoe in Bankruptcy: Multi-Level Marketing Schemes in Chapter 7 & Chapter 13   Lularoe Debt in Bankruptcy: When the Business You Enter Isn't Designed to Make YOU Money According to Buzzfeed and other sources, Lularoe "consultants" have been turning to bankruptcy in order to reject the sales contracts that have required them to purchase, at their own expense, clothing inventory for a great deal of money while, at the same time, the company revised its inventory return policy ...

Posted on November 7th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for November, 2017

New Michigan Bankruptcy Means Test Numbers for November 1, 2017 The US Trustee's Office (the division of the Department of Justice that administers the bankruptcy process in the United States) has released its updated median income numbers for each state for Chapter 7 and Chapter 13 bankruptcy petitions filed on November 1, 2017 or after. These numbers are used in the "bankruptcy means test" to determine income-based eligibility for Chapter 7 bankruptcy and, in Chapter 13 ...

Posted on October 26th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Get Attorney Fees in Bankruptcy Disputes?

Pay Your Attorney Fees and Costs, Unless— Creditors Are Unlikely to Make You Pay their Attorney Fees in Bankruptcy Court Many an attorney primarily accustomed to practicing in Michigan state courts has stepped into US Bankruptcy Court on behalf of a creditor or an ex-spouse expecting to be able to walk away with an award from the Bankruptcy Judge for their fees only to be disappointed.  The Hilla Law Firm has had to educate non-bankruptcy lawyers of the ...

Posted on October 5th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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US Supreme Court Rules Debt Buyers Not Covered by the FDCPA

Supreme Court Further Protects Debt Buyers from FDCPA Unanimous Opinion: Debt Buyers May Abuse Consumers Freely Yesterday, the US Supreme Court issued its second opinion this term regarding the applicability of the Fair Debt Collection Practices Act (FDCPA) to so-called "debt buyers." Debt Buyers are companies such as the notorious Midland Funding, LLC, which make a business of buying "bad debt," often for pennies on the dollar, occasionally for nothing at all, and then collecting on the debt, ...

Posted on June 13th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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US Supreme Court OKs Stale Chapter 13 Bankruptcy Proofs of Claim

Proofs of Claim Not Subject to FDCPA Damages in Magical Bankruptcy Land Proofs of Claim for Debts Prohibited by Statute of Limitations Allowed in Chapter 13 Proofs of Claims filed by debt buyers or other collectors seeking to be paid from Chapter 13 bankruptcies for debts that are past individual states' statute of limitation periods are not subject to penalties under the Fair Debt Collections Practices Act ("FDCPA"), says the US Supreme Court. Despite the fact that those ...

Posted on May 25th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Bankruptcy Fraud: How to Avoid Abby Lee Miller’s Fate

Bankruptcy Fraud: People Really Do Go to Jail! What Is Bankruptcy Fraud? Bankruptcy Fraud is a charge that can be leveled at someone who has filed Chapter 7, Chapter 13, or, like Abby Lee Miller of Dance Moms fame, Chapter 11. It is the allegation that a person has engaged in some lack of disclosure or misbehavior prior to or in the process of filing a bankruptcy case. Specifically, however, the filing of a petition for bankruptcy with the ...

Posted on May 10th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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