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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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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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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