Michigan Bankruptcy Blog

Does Filing a Bankruptcy Extend My Post-Foreclosure Redemption Period?

Does Filing a Bankruptcy Extend My Post-Foreclosure Redemption Period?

Filing a Bankruptcy Will Extend a Redemption Period—But For Who? What Is Michigan's Redemption Period? The "redemption period" is the time allowed homeowners (and other property owners) under Michigan law to "redeem" property that is foreclosed and sold at foreclosure auction or sheriff's sale to the highest bidder. "To redeem" means that the homeowner whose property is foreclosed pays to the winning sheriff's sale bidder whatever amount of money the winning bidder bid at the sale, after ...

Posted on March 7th, 2016 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for November 1, 2015

Michigan Chapter 7 Bankruptcy Means Test Eligibility Expansion!   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, 2015 or after. These numbers are used in the "bankruptcy means test" to determine income-based eligibility for Chapter 7 bankruptcy and, in Chapter 13 bankruptcies, to determine ...

Posted on October 28th, 2015 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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New Means Test Numbers for April 1, 2015

Chapter 7 Eligibility Easier As Of April 1, 2015 [caption id="attachment_3003" align="aligncenter" width="300"] Image by Beyer courtesy of Wikimedia Commons and the German Federal Archives[/caption] 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 April 1, 2015 or after. These numbers are used in the "bankruptcy ...

Posted on March 31st, 2015 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Bad Checks and Bankruptcy: Post-Filing Criminal Charges

Non-Dischargeable Criminal Penalty vs. Post-Filing Debt Collection Attempt? [caption id="attachment_2980" align="aligncenter" width="300"] Photo by Keith Allison courtesy of Wikimedia Commons[/caption] Although the American Bar Association has determined that it is unethical for county prosecutors' offices to allow creditors to use their letterhead for the purposes of collecting on bounced checks, it is common practice for county prosecutors to at least run some variety of "check enforcement" program. This is another name for "collections department," but the peculiar thing ...

Posted on January 22nd, 2015 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Bankruptcy Means Test Numbers for November 1, 2014

Now Slightly Easier to Qualify for Chapter 7 Bankruptcy The Office of the U.S. Trustee, the division of the U.S. Department of Justice that oversees the bankruptcy process in the U.S., has announced the new median income figures for each state that will be in effect as of November 1, 2014 for bankruptcy means test purposes. New Bankruptcy Means Test Numbers for Michigan The new median incomes for each household size in Michigan as of November 1st, 2014, ...

Posted on October 27th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Discharge an SBA Loan in Bankruptcy?

Discharge an SBA Loan in Bankruptcy Like Any Other Unsecured Debt [caption id="attachment_2956" align="aligncenter" width="300"] Image by Lothar1976, courtesy of Wikimedia Commons[/caption] SBA Loans: Not Excepted from Discharge by The Bankruptcy Code Unless a debt is one of the specific types of debt specifically excepted from the Chapter 7 or Chapter 13 bankruptcy discharge by Section 523 of The Bankruptcy Code (the Federal law governing the bankruptcy process in the U.S.), it is dischargeable. Among the non-dischargeable debts ...

Posted on October 13th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Paying Personal Expenses from a Business Bank Account?

A Common Practice that May Needlessly Over-Complicate [caption id="attachment_2945" align="aligncenter" width="300"] "Sackknop" by User Sebbe.wigmo on sv.wikipedia - Licensed under Public domain via Wikimedia Commons[/caption] What Is "Commingling?" It is relatively common for self-employed persons or small-business owners freely intermingle or commingle business and personal income and expenses. A person operating a one-man, "handyman" service type of business, for example, may have personal checking and savings accounts separate from business checking or other business operating accounts—or not. He or she ...

Posted on September 17th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Is a Hardship Discharge in Chapter 13 Bankruptcy?

When the Unexpected Prevents You from Completing your Chapter 13 Payment Plan The Hardship Discharge: An Early Exit from Chapter 13 Bankruptcy (But Not the Way You'd Probably Like!) A Chapter 13 bankruptcy is a "payment plan" bankruptcy requiring to pay what you can afford to pay (after household expenses are considered) to your creditors within a specific period of time. Whatever you don't pay to your creditors in that period of time is discharged—meaning you never ...

Posted on September 5th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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How Can I File an Emergency Petition for Bankruptcy?

Bankruptcy Emergency Petitions: Reserve for Real Emergencies Only [caption id="attachment_2914" align="aligncenter" width="300"] "LAFD ambulance". Licensed under Creative Commons Attribution-Share Alike 3.0 via Wikimedia Commons - http://commons.wikimedia.org/wiki/File:LAFD_ambulance.jpg[/caption] Emergency Petition: Stop the Creditors First A Chapter 7 or Chapter 13 bankruptcy petition filing requires a large amount of information and the assembly and production to your bankruptcy lawyer a large amount of documentation. This can take some people weeks to manage on top of working their jobs, dealing with their ...

Posted on August 23rd, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I File Bankruptcy Before Judgment Entry if Being Sued?

Why Even Wait for a Judgment? [caption id="attachment_2892" align="aligncenter" width="225"] Image by Heitrickpetri, courtesy of Wikimedia Commons[/caption] Bankruptcy Before Judgment Entry (Unless You Really Think You'll Win) "When should I speak with a bankruptcy attorney? Now or later?" is the most common question any of our potential clients explore before finally picking up the phone and calling us. The problem in most cases is that they are exploring the question on their own—and they unilaterally decide that they should ...

Posted on July 18th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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