Michigan Bankruptcy Blog

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

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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Can I Protect Life Insurance Funds in Chapter 7 Bankruptcy?

If You Have Already Received A Life Insurance Benefit Distribution Before Filing ... Life Insurance Funds in Chapter 7 Bankruptcy: A Fact-Based Analysis If you have lost a spouse prior to filing a Chapter 7 bankruptcy, life insurance proceeds you've already received may be able to be protected from liquidation if the proceeds can be argued to have been reasonably necessary for your support at the time that they were received—and at the time that you are ...

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

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The Unwritten Future: Contingent Claims in Bankruptcy

Contingent Claims in Bankruptcy: Assets You're Not Sure You'll Ever Really Have   Contingent Claims: Disclose Everything! All assets of whatever value must be listed and disclosed in a Chapter 7 or Chapter 13 bankruptcy petition. This includes assets that are not necessarily "physical" assets like a couch or automobile or a piece of jewelry. For instance, a claim for funds owed to you by someone else is also an asset that must be listed and valued in a ...

Posted on July 18th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Keeping Social Security Disability Settlements in Chapter 7 Bankruptcy

SSD Settlements: Right To Receive a Payment vs. Already Received the Payment Protecting the Right to Receive Social Security Disability Settlements in Chapter 7 Bankruptcy If you have applied for Social Security Disability benefits and have not yet received an award or payment, the right to receive a lump sum or other Social Security Disability payment is protected in a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is a "liquidation" bankruptcy, in which a "bankruptcy estate" containing all ...

Posted on July 16th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Are Assets in a Trust Protected in Bankruptcy?

What Sort of Trust & Whose Bankruptcy? Placing assets into a trust is not always an effective means of protecting those assets from creditors, or, thereby, from the asset liquidation power of Chapter 7 Bankruptcy Trustees. Trust Assets and Chapter 7 Bankruptcy Liquidation A Chapter 7 Bankruptcy is a "liquidation" bankruptcy both in that your debt is liquidated, or discharged in full, and in that there is a possibility that your assets may also be liquidated during the bankruptcy ...

Posted on May 7th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Is the Value of a Small Business in Bankruptcy?

What Is the Value of a Small Business in Chapter 7 or Chapter 13 Bankruptcy?   The Value of a Small Business in Bankruptcy: Assets v. Liabilities A business owned by an individual filing for bankruptcy is property that must be valued, listed, and exempted (protected) in the bankruptcy the same as any other piece of property owned by that individual. If the business is incorporated, it is a separate legal entity that may or may not be ...

Posted on March 23rd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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When Is a Chapter 7 Bankruptcy Case Closed?

When is a Chapter 7 bankruptcy case closed? When the Trustee or the Court says it is! When is a Chapter 7 Bankruptcy Case Closed? After Discharge, after contested matters are resolved—and after assets are liquidated. Your discharge shows up in the mail, and you breathe a sigh of relief: it's over! Your Chapter 7 bankruptcy is a thing of the past, and you can go back to living your life and breathing that fresh Michigan air ... You ...

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

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Should I Buy a Car Before Filing Bankruptcy?

Really? You Can Buy a Car Before Filing Bankruptcy? Can I Buy a Car before Filing Bankruptcy: Maybe. In considering whether or not to buy a car before filing for bankruptcy, either Chapter 7 or  Chapter 13, there are multiple issues involved. Any such decision should only be made with the counsel of an experienced Michigan bankruptcy attorney. Should I Buy a Car before Filing Bankruptcy: Asset vs. Debt Issues A new car purchased prior to filing for bankruptcy represents ...

Posted on February 27th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Can I Spend Cash Before Filing Bankruptcy?

There are ways to spend cash before filing bankruptcy that are a good idea and ways that are a very bad idea. Can I spend cash before filing bankruptcy? If you are preparing to file for bankruptcy and a Chapter 7 bankruptcy in particular and you have a large amount of cash in your possession, protecting that cash can be problematic. Personal property that is "non-exempt" (non-protected) in a Chapter 7 bankruptcy can be seized by the ...

Posted on February 25th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Should I File a Chapter 7 Bankruptcy for a Small Business?

Chapter 7 Bankruptcy for a Small Business: Worth the Trouble?   Chapter 7 Bankruptcy for a Small Business: When You No Longer Wish to Operate the Business Only A Chapter 7 bankruptcy for a small business is a useful option in certain very specific situations only. Chapter 7 bankruptcy is at essence intended for individuals and not businesses, and it is not therefore possible for a business to obtain a discharge of its debts with a Chapter 7 bankruptcy filing. ...

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

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