Michigan Bankruptcy Blog

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

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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What Happens if I Have Property Liquidated in Chapter 7 Bankruptcy?

Let Non-Exempt Property Go or Make a Deal The question of what happens in the Chapter 7 Bankruptcy process when a filing debtor's property is NOT fully protected by the available bankruptcy exemptions is a very basic question, the complete answer to which will be come from the advice of an experienced bankruptcy attorney and not from the text of the Bankruptcy Code statute you may find here and there on the internet. The Bankruptcy Code says that ...

Posted on August 12th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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The Supreme Court’s DOMA Ruling and Michigan Bankruptcy

United States v. Windsor and Filing Joint Bankruptcies in Michigan Today, in the case of United States v. Windsor, the US Supreme Court struck the definition of marriage as requiring "one man and one woman" from the Defense of Marriage Act (DOMA). While an important victory for advocates of marriage equality, the ruling did not sweep as far as some had hoped, simply allowing for gay marriage across the United States. Instead, the impact of the ...

Posted on June 26th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Keep My House in Chapter 7 Bankruptcy?

Can I Keep My House in Chapter 7 Bankruptcy? Yes—If You Can.   Keep My House in Chapter 7 Bankruptcy: Creditors vs. the Chapter Trustee Generally, you should not worry that you will lose your home if you file for Chapter 7 Bankruptcy. However, there are two specific circumstances in which keeping your house through a Chapter 7 bankruptcy in Michigan may be difficult: (1) You are behind on your mortgage payments and (2) You have more equity in ...

Posted on January 4th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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