The US Trustee’s guide to the Chapter 7 Means Test states that household size is the debtor, spouse and any dependents that the debtor could claim under IRS dependency tests. IRS publication 501 which shows the requirements for claiming exemptions for a dependent. “Qualifying Relative” can be parents who do not live with the debtors…

The debtor’s surrender of property does not divest debtor of title to property in a Bankruptcy proceeding in Michigan. A Chapter 13 debtor’s surrender of real property collateral has no impact on the debtor’s status as record owner of the property. Under the Bankruptcy Code, the debtor’s “surrender” merely establishes she will not oppose the…

If you file a Chapter 7, you have the option to redeem tangible personal property that is subject to a secured claim by paying that creditor the value of that property. The value of the redemption amount is determined by Section 506(a)(2) of the Bankruptcy Code. This section establishes that value as that price that…

Congress did one thing right in their last minute wranglings over the federal budget and their efforts to avoiding falling over the fiscal cliff – they extended the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation through 2013. That means if your mortgage company forgives any indebtedness in the case of a short sale…