Michigan Bankruptcy Blog

Paying Personal Expenses from a Business Bank Account?

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

Read More

Tags: , , , , , ,

Pets in Bankruptcy: Both Assets and Expenses

Even the Family Dog Must Be Disclosed All of a person's assets and all of a person's expenses are listed and accounted for in a Chapter 7 or Chapter 13 bankruptcy petition. A pet is both an asset and, as every pet-owner knows, an expense. The question is, then: how valuable an asset or how high an expense is a family pet? Pets as Personal Assets All assets must be listed in your bankruptcy petition, and even a ...

Posted on August 17th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Can I Make Charitable Contributions or Tithe in Bankruptcy?

Charitable Giving & Tithing: Protected Expenses in Bankruptcy Charitable contributions and tithing in particular are protected activities under the US Bankruptcy Code. In 2006, Congress enacted the Religious Liberty and Charitable Donation Clarification Act of 2006, which made clear that monthly average amounts of religious charitable contributions and tithing amounts in particular are not included in "net available income" in  bankruptcy. What that means, in essence, is that you are able to continue making regular charitable contributions, ...

Posted on July 10th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , , ,

Can I Still Assist Elderly Relatives if I File Bankruptcy?

Assistance to Dependent Elderly Family Members is Protected Providing a little monthly financial assistance to an elderly relative is a common thing, especially in Michigan, which is undergoing a very tough economy at the moment with services for the elderly underfunded and failing on a widespread scale. The good news, however, is that, if you are in the position of being able to give a little back to those who have given much to you when you were all ...

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

Read More

Tags: , , , , , ,

Can I Pay My Child’s Private School Tuition in Chapter 13 Bankruptcy

  Private School Tuition in Chapter 13 Bankruptcy: An Allowable Expense? A Chapter 13 bankruptcy is a monthly payment plan in which your debts are repaid some or all of what is owed based upon what you can afford to pay over the 3-5 year payment plan term. What "afford to pay" means is that you are required to pay into the Chapter 13 payment plan whatever income you have that is left over after your regular monthly household expenses ...

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

Read More

Tags: , , ,