Michigan Bankruptcy Blog

Is a Michigan Tenancy by the Entirety Property Protected in Bankruptcy?

Is a Michigan Tenancy by the Entirety Property Protected in Bankruptcy?

Tenancy by the Entirety Property: Joint Marital Debts or No Joint Debts? That Is The Question ... What is Tenancy by the Entirety? "Tenancy by the Entirety" is a type of property ownership that is available in Michigan to married co-owners. (Non-married co-owners are simply "joint tenants/owners".) Tenancy by the Entirety is a common-law concept rooted in the old idea that two married people are a "unified person" from a legal standpoint. The creation of a Tenancy ...

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

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What Is My Car Worth In Bankruptcy?

What Is My Car Worth in Bankruptcy? NADA vs. Kelley BlueBook Values Car Value in Bankruptcy: When Does It Matter? In a large number of Chapter 7 bankruptcy cases, the value of a vehicle only matters if you own the vehicle free and clear of any car loan lien, or if you have nearly completed your payments are nearing the point of owning it free and clear. Cars depreciate fast, and they rarely outpace a lien amount ...

Posted on October 5th, 2016 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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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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Michigan Bankruptcy Exemptions Updated

Michigan Bankruptcy Exemption Amounts Increased—And About Darn Time! For the first time since 2011, the Michigan State Legislature has taken time to think about Michigan citizens in economic need and has updated some of the state statutory exemptions that used to help protect the property of those needing to file Chapter 7 bankruptcy. Federal vs. Michigan Bankruptcy Exemptions: What's the Difference? So what is an exemption? An "exemption" is just a piece of verbiage from either the (Federal) ...

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

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How Do I Reject a Residential Lease in Chapter 7 Bankruptcy?

It's Simple: Just File a Chapter 7 Bankruptcy [caption id="attachment_2605" align="aligncenter" width="225"] Image by Gertjian R., courtesy of Wikimedia Commons[/caption] Debtors Have No Power to Reject or Assume a Residential Lease in Chapter 7 Bankruptcy In Chapter 7 or Chapter 13 bankruptcy, the terms of a lease may, prospectively, be either "assumed" or "rejected." If the terms of the lease are assumed, obligations the filing debtor may have under that lease are continued. A lease for personal property, such ...

Posted on February 17th, 2014 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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Can I File Chapter 7 Bankruptcy after Refinancing my Mortgage?

Chapter 7 Bankruptcy after Refinancing: Timing Is Everything Modification or Refinance? You own your home, you like your home, you want to keep your home—but you just have too much credit card debt. Or medical debt. Or have suffered some other financial blow unrelated to your home that has you seeking the counsel of a bankruptcy lawyer. You're not interested in "bankrupting" your home ... It is not your main problem. In fact, you just had your mortgage payment ...

Posted on October 31st, 2013 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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When Does Chapter 7 Trustee Abandonment of Property Occur?

  Chapter 7 Trustee Abandonment: It Ain't Over Till the Fat Lady Sings ... Your Property and the Bankruptcy Estate When you file a petition for bankruptcy, either Chapter 7 or Chapter 13, all property you own or partially own, no matter where it is located or whether it has any real fair-market value, becomes an "asset" of a legal "bankruptcy estate." In a Chapter 13 bankruptcy, in which no assets are liquidated by the bankruptcy court, you remain ...

Posted on September 6th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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