Michigan Bankruptcy Blog

What Are the Tax Consequences of a Short Sale?

What Are the Tax Consequences of a Short Sale?

Don't Find Out After the Short Sale Is Concluded!   The tax consequences of a short sale are usually not the first thing that a realtor wishing to earn a commission off of a property transaction wants to talk to you about. It may be something that anyone assisting you with such a sale never bothers to talk to you about at all. But there can be serious tax liabilities arising from a sale of your home for less ...

Posted on May 30th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I File Bankruptcy if I Reside Overseas?

You Can File Chapter 7 or Chapter 13 Bankruptcy in Any "Proper Venue" Even if You Live Overseas A bankruptcy can be filed in any of the Federal judicial districts in the United States which is deemed to be the proper "venue" for the case under Federal law, and, under Federal law, that venue, or location for filing, is any Federal jurisdiction "... in which the domicile, residence, principal place of business in the United States, ...

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

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New Michigan Bankruptcy Means Test Numbers for April 1, 2013

Higher Michigan Bankruptcy Means Test Household Income Averages for April 1, 2013 The Michigan bankruptcy means test median numbers have risen slightly for case filed on or after April 1, 2013. As of April 1, 2013, the median incomes in Michigan for families of various sizes are: 1-Family Member Households:          $45,029 2-Family Member Households:          $52,621 3-Family Member Households:          $61,715 4-Family Member Households:          $73,864 More than 4 Family Members: add $7,500 per additional family member to the 4-Family Member median. What this means exactly for ...

Posted on March 20th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Is the Bankruptcy Automatic Stay and How Does It Protect Me in Chapter 7 and Chapter 13 Bankruptcy?

The Bankruptcy Automatic Stay Against Collections: The First, Quickest Benefit of Chapter 7 & Chapter 13 Bankruptcy   The Bankruptcy Automatic Stay: A Master Injunction Under Federal Law Protecting You From Creditor Harassment The Bankruptcy Automatic Stay Against Collections is one of the primary and most immediate benefits of filing for bankruptcy. It is an injunction under the Federal law of the US Bankruptcy Code which stays, or stops, nearly all collection attempts by creditors upon the filing of a Chapter ...

Posted on February 2nd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Reverse Mortgages in Bankruptcy: Will I Lose my House if I File Chapter 7 or Chapter 13?

Reverse Mortgages in Michigan Chapter 7 or Chapter 13: Effects & Pitfalls Reverse Mortgages: What Are They? A reverse mortgage is a lien upon real estate the same as any other kind of mortgage. Both an "ordinary" mortgage and a reverse-mortgage are liens against the value of the property that will affect the determination of whether the owner of the property actually has any equity in it or not. In this manner, there is no difference between ...

Posted on December 23rd, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Business Debts in Bankruptcy: Can They Be Discharged with Chapter 7 or Chapter 13?

Business Debts in Bankruptcy: Mostly Dischargeable in Chapter 7 or Chapter 13 Bankruptcy Business debts in bankruptcy are treated, with a few exceptions, like any other kind of secured or unsecured debt. That is, if unsecured (no collateral attached to the debt), it will be discharged entirely in a Chapter 7 bankruptcy or repaid to the same percentage extent as any other unsecured debt in a Chapter 13 bankruptcy. If secured (collateral attached to the debt), ...

Posted on December 17th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can Garnishment be Stopped with a Michigan Chapter 7 or Chapter 13 Bankruptcy?

Stop Wage, Bank Account, or Tax Refund Garnishment Fast! Garnishments Stop Upon Filing! Garnishments must cease immediately upon the filing of a Chapter 7 or Chapter 13 bankruptcy petition due to the "Automatic Stay Against Collections" that clicks into place the moment the petition is filed. The automatic stay is a sort of master injunction under Federal law that requires all creditors to cease any activity that constitutes the collection of a debt: telephone-calls, letters, lawsuits, lien perfection, ...

Posted on December 11th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Tax Refunds and Bankruptcy: Can You Keep Your Money?

Tax Refunds and Bankruptcy: Asset vs. Income in Chapter 7 or Chapter 13 Bankruptcy in Michigan The issues involved in Federal or Michigan tax refunds and bankruptcy are several. One one hand, an expected tax refund is an asset that must be listed and exempted in either a Chapter 7 or a Chapter 13 bankruptcy. In a Chapter 7 bankruptcy, in which assets are potentially liquidated by the Chapter 7 Trustee, if the expected refund cannot ...

Posted on November 30th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Child Support & Michigan Bankruptcy: Can Chapter 7 or Chapter 13 Help?

Child Support Debt in Bankruptcy: No Discharge of Obligation Child support and domestic support obligation deficiency or arrearage debt is very specifically not discharged in either a Chapter 7 or Chapter 13 bankruptcy. Domestic support obligations are excluded from the debts for which a bankruptcy discharge of obligation is available under Section 523(a)(5) of the US Bankruptcy Code. Therefore, neither a Chapter 7 bankruptcy or a Chapter 13 bankruptcy will discharge in any part a child support or ...

Posted on November 23rd, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Debt Settlement or Bankruptcy: Equal Choices or False Alternatives?

Debt Settlement vs. Bankruptcy: Choosing Between the Best "Worst" Option Debt settlement and bankruptcy are often compared as two equal alternatives. Debt settlement is, however, often a "false alternative," not at all an option offering the equivalent legal protections and legal benefits that a Federal court-ordered bankruptcy discharge does. Debt Settlement: The Ups & Downs There are instances in which debt settlement can be a better option than bankruptcy. If an individual has only one or two larger-sized debts that ...

Posted on November 21st, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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