Introduction The “Occupy Wall Street” movement represents a sizeable sentiment of angry Americans who wonder why the Government bailed out Wall Street while allowing the current “foreclosure crisis” to destroy neighborhoods and lives. Arguably, Congress could have averted this crisis if they had legislated a “Cram Down” provision for home mortgages in Chapter 7 and…
Archives for 2011
What are the Limitations on Debt Amounts in a Chapter 13 Bankruptcy?
The Bankruptcy Code imposes certain limitations on the Chapter 13 Plans. Those limitations relate to the amount of debt you can have and still file a Chapter 13 Bankruptcy. If your debts exceed these limitations, then you would have to consider filing a Chapter 11 Bankruptcy. Here are the debt limitations: 1. You cannot have…
What happens if Consumers is threatening to shut off my power?
The first thing you do is call the Consumers Energy Shut Off Department. You can call Mia at (248) 433-5923 or Dorothy at (248) 433-5963. They will give you some time to get your affairs in order. Your next call should be make to my office at (989) 233-9389 to make an appointment for a…
How Often Can I File for Bankruptcy in Michigan?
The rules on filing bankruptcy are all founding the Bankruptcy Code. The time frame are all based on filing date to filing date (as opposed to discharge date). You can file Chapter 13 every 2 years (11 USC 1328(f)(2)). You can file a Chapter 13 – 4 years after the filing date of a previous…
What is an Emergency Bankruptcy Filing and how is it done?
Filing an emergency bankruptcy can stop a foreclosure sale, a forfeiture, repossessions and garnishments.
What kind of issues would you consider when trying to decide whether to convert a Chapter 13 to a Chapter 7 bankruptcy vs dismissing the Chapter 13 and refiling a new chapter 7?
There are a number of factors that must be taken into consideration including the following: 1. Time since prior discharge. 2. The Means Test. 3. Whether a married couple has filed jointly or singly and now wants to reconsider. 4. The limited 30 day stay on a refile. 5. The balance on secured cram downs…
What is the life of a judgment in Michigan?
Under MCL 600.5809(3), a judgment from a Michigan court is good for 10 years. A judgment can, however, be renewed for an additional 10-year period. The “new judgment” is in fact a new judgment against the defendant in the original action to renew or extend the effect of that judgment. To renew the judgment you…