Michigan Bankruptcy Blog

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

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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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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A People’s History of Bankruptcy in the United States

Bankruptcy in the United States: A Timeline of Eroding Rights Bankruptcy in the United States is an internationally unique legal remedy for those suffering from burdensome debt. Very few other countries allow individuals in debt to discharge and eliminate their personal, consumer debt. Of the other nations who do maintain some sort of "insolvency" law, as it tends to be called, the majority provide a form of bankruptcy that benefits creditors exclusively. It is a means of ...

Posted on July 5th, 2016 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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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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Why Does My Bankruptcy Lawyer Need So Much Documentation?

Be Aware: Bankruptcy Requires a Little Homework ... [caption id="attachment_2386" align="aligncenter" width="300"] Image by JohnnyMrNinja, courtesy of Wikimedia Commons[/caption] "Why Do You Need All of This Stuff?" This is one of the most common questions bankruptcy attorneys receive from their clients. "Why do you need the recorded title for my house?" "Why do you need 6 months' worth of my pay-stubs?" "Why do you need the canceled check from that jalopy I sold to some guy 18 months ...

Posted on October 23rd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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