Michigan Bankruptcy Blog

Reaffirmation Required of Debts Secured by Personal Property in Eastern Michigan

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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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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Do I Need To Tell My Bankruptcy Lawyer About Uncashed Checks I Have?

Uncashed Checks and Money Orders: Still Property of Your Bankruptcy Estate   Why Do You Need to Disclose Your Assets in Bankruptcy? The US Bankruptcy Code (the Federal law that governs the bankruptcy process in the U.S.) requires that, along with debts and other transactions a filing debtor may or may not have engaged in, all assets must be disclosed in the bankruptcy petition. Why? Because the value of a debtor's assets help to determine the extent to which creditors are repaid ...

Posted on February 2nd, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Eastern District of Michigan Bankruptcy: New “Bare Legal Title” Vehicle Ownership Decision

If Your Name Is on the Vehicle's Title and You File Bankruptcy—You Own It No "Bare Legal Title" in the Eastern District of Michigan for Vehicles "Bare Legal Title" has been an effective defense in Detroit, Michigan bankruptcy cases to the efforts of a Chapter 7 bankruptcy trustee to seize and liquidate a vehicle or other titled property. The argument comes into play when the filing debtor's name lies on the title to the vehicle—but the debtor does ...

Posted on January 27th, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Must I File All Tax Returns Before Filing Bankruptcy?

Tax Returns Must Be Filed Before Filing Bankruptcy—and You'll Be Glad They Were! There are some mandatory, legal reasons why you need to file any un-filed tax returns from prior tax years that you haven't gotten around to filing before proceeding into a Chapter 7 or Chapter 13 bankruptcy, and then there are some very practical reasons why you want to make sure you've done that before filing a bankruptcy. It is for these reasons that an ...

Posted on July 8th, 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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What Happens if I Win the Lottery While in Chapter 13 Bankruptcy?

First of All, There Are Bigger Problems to Have in Life ... [caption id="attachment_2636" align="aligncenter" width="300"] Image by Bartosz Senderek, courtesy of Wikimedia Commons[/caption] Regardless, Questions About Winning a Lottery While in Chapter 13 Bankruptcy Are Common ... This is easily in the top 5 of most common questions potential clients ask us when sitting down with us to explore the possibility of filing a Chapter 13 bankruptcy. We love the optimism  involved, no question about it, but the ...

Posted on March 15th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Happens if I Receive an Inheritance after Bankruptcy Filing?

Even If You Didn't Expect an Inheritance Before Filing, You Can Still Lose it Afterward Inheritance after Bankruptcy: The Expanding Bankruptcy Estate Generally, when you file a Chapter 7 or Chapter 13 bankruptcy, the value of the assets of the bankruptcy estate that is created by automatic legal function upon the filing of the bankruptcy estate becomes calculated as of that date. Thus, for example, if upon the filing of a Chapter 7 bankruptcy, you owned, say, stocks worth ...

Posted on February 14th, 2014 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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