Michigan Bankruptcy Blog

What Is a Proof of Claim in Bankruptcy?

What Is a Proof of Claim in Bankruptcy?

Proof of Claim: How Creditors Get Paid in Chapter 7 and Chapter 13 Bankruptcy [caption id="attachment_2565" align="aligncenter" width="300"] Image by LawCN88 courtesy of Wikimedia Commons[/caption] The Proof that a Creditor Holds a Claim—Sometimes A "proof of claim" is a standard form that the US Bankruptcy Code requires that creditors that you owe money to file in your Chapter 13 bankruptcy case in order to receive payment from the Chapter 13 Trustee from your Chapter 13 payment plan and ...

Posted on January 29th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Your Chapter 13 Plan Payment: How Much Will You Have to Pay Each Month?

The Chapter 13 Plan Payment: What Is Your Ability to Pay? The Chapter 13 Plan Payment that you monthly must make in a Chapter 13 bankruptcy in Michigan is premised, initially, on what you can afford to pay when your household's necessary monthly average expenses are deducted from your household's net, after-tax income. Whatever is left over after those expenses are deducted from your household income, that is your "net monthly income" and the amount that you ...

Posted on November 15th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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