Michigan Bankruptcy Blog

When Your Chapter 13 Bankruptcy Isn’t Working For You Anymore …

When Your Chapter 13 Bankruptcy Isn’t Working For You Anymore …

Chapter 13 Bankruptcy: Not A Cage From Which There Is No Escape Chapter 13 Bankruptcy: A Flexible System That Can Change With Your Needs The idea of a 3-5-year payment plan is intimidating to many prospective Chapter 13 bankruptcy filers. Never mind that many people willingly take on 6 or even 7-year auto loan payments these days; the idea of being obligated to repay something, even if only what you can afford to pay, to your creditors ...

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

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Holiday Spending and Bankruptcy: Some Call it Fraud

You May Be Visited by 3 Ghosts: Non-Dischargeability, Denial of Discharge, and Criminal Penalties ... [caption id="attachment_2465" align="aligncenter" width="300"] Image by Kelvin Kay, courtesy of Wikimedia Commons[/caption] Pre-Bankruptcy Spending: Don't Risk Your Discharge The instinct to just take any hit necessary to get the gift-buying many of us feel obligated to at this time of the year is a powerful one. "I'll just get Aunt Sally taken care, then I'll worry about the credit card later on in the ...

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

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Can I Get Garnished Funds Back After Filing Bankruptcy?

  Funds Garnished Prior to Filing Bankruptcy May be Recoverable Get Garnished Funds Back if Filing Within 90 Days of Filing Funds garnished by creditors from your paycheck, bank account, or State of Michigan tax refund must generally be returned to you if you file within 90 days of the garnishment, so long as certain circumstances are met. When Can I Get Garnished Funds Back After Filing Chapter 7 or Chapter 13 Bankruptcy? Funds garnished prior to a bankruptcy filing ...

Posted on October 15th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Discharge Payday Loans in Bankruptcy?

Payday Lending: Usury at its Worst [caption id="attachment_2346" align="aligncenter" width="300"] Image by Swanksalot, courtesy of Wikimedia Commons[/caption] Payday lending represents the worst of the worst when it comes to consumer lending. The practice nearly always involves a request for post-dated checks, shockingly high interest rates, and shadowy, difficult-to-locate lenders whose corporate owners often turn out to be located on American Indian reservations or in foreign countries like Belize, outside of the reach of the Fair Debt Collection ...

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

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Should I Try Credit Repair Before Bankruptcy?

No One Can "Clean" Legitimately Bad Credit for You! Glancing at many office building windows or hand-written signs at highway exit ramps will reveal a multitude of companies or people claiming to be able to "fix" your bad credit for you. Can they really do it? Generally, NO. Such offered services generally mask a process of victimization of desperate consumers who have missed installment payments, suffered repossession or foreclosure, been sued, garnished, had a job offer withdrawn because of bad ...

Posted on October 1st, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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How Do I Cramdown a Rental Property in Chapter 13 Bankruptcy?

Pay Its Fair-Market Value in 60 or Fewer Months through the Chapter 13 Payment Plan A Chapter 13 bankruptcy is a highly useful form of bankruptcy if you own real estate that may be underwater due to the burden of a second mortgage or home equity line of credit or if you own real estate in addition to the home you actually live in. Rental properties which bring in income each month but for which you owe ...

Posted on September 24th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Chapter 7 Bankruptcy and Insider Creditors: Don’t Do the Right Thing

The Dangers of Repaying Personal Loans Prior to Filing Chapter 7 [caption id="attachment_2286" align="aligncenter" width="300"] Image courtesy of Azoreg via Wikimedia Commons[/caption] Insider Creditors & Preference Payments in Chapter 7 Bankruptcy When you file a bankruptcy petition, you create a legal "bankruptcy estate" containing all of the property that you own at whatever value it happens to have on the date that you file the bankruptcy petition. In a Chapter 7 bankruptcy, an individual called the Chapter 7 Trustee ...

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

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How Do I Redeem a Car in Chapter 7 Bankruptcy?

Vehicle Redemption in Chapter 7 Bankruptcy: Pay Only What the Car Is Worth Retaining Property Securing Debts in Chapter 7 When you file a Chapter 7 bankruptcy, you  must include in your bankruptcy petition a document called a "Statement of Intention," in which you make an initial declaration of whether you intend to retain or surrender property serving as collateral securing debts, such as a home or a vehicle with regard to a mortgage loan or vehicle ...

Posted on September 3rd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Happens to my Mortgage Modification if I File Bankruptcy?

A Chapter 7 or Chapter 13 Bankruptcy Filing May Void Your Mortgage Modification Application [caption id="attachment_2248" align="aligncenter" width="300"] Image by Steve Daniels courtesy of Wikimedia Commons[/caption] If you have already applied for a mortgage modification when deciding whether to file a Chapter 7 or Chapter 13 bankruptcy, there is a reasonable possibility that the mortgage servicer to whom you have submitted your modification may void or withdraw the modification. The Mortgage Modification Process A legitimate mortgage modification application will ...

Posted on August 29th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Are My Co-Signers Affected by My Bankruptcy?

Your Credit Report & Their Liability Your bankruptcy is your own bankruptcy and not anyone else's. Thus, your bankruptcy will not affect the credit of any co-signers you may have (see our Bankruptcy Myths page for more about co-signers and credit). But neither does your bankruptcy discharge your co-debtors' liability for the joint debt—only your own With one important exception. Co-Signers and Your Bankruptcy: Joint & Several Liability First, it is important to understand a basic principle of contract law: ...

Posted on August 21st, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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