NO! Under the Bankruptcy law you are entitled to keep certain assets for a “fresh start”. These assets or interests are called exemptions and here is a summary of the federal exemptions: Homestead: 522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may…
What famous people have filed bankruptcy?
Many famous people have filed for bankruptcy relief.
If I am working on a loan modification, will that stop the foreclosure process?
The answer is no. Your bank can proceed with a foreclosure even if you are working on a loan modification. You may have to consider filing for bankruptcy in Michigan. Filing for bankruptcy will stop the foreclosure process temporarily. If you file a Chapter 13 bankruptcy you have up to five (5) years to catch…
Can I use my credit cards for Christmas presents if I am planning on filing a Bankruptcy in Michigan in the New Year?
The answer is no. If you use your credit card(s) to purchase Christmas presents or other holiday gifts you risk not being able to discharge that debt. If the credit card company finds out that you used the card without intending to repay the debt, the credit card company can object to the discharge of…
What happens to my credit rating if I file for bankruptcy in Michigan?
If you are thinking about filing for bankruptcy in Michigan, there is a good chance that your credit rating is already bad and getting worse. The only way to stop the slide from bad to worse is to file for bankruptcy. Once you file for bankruptcy, your credit report is wiped clean and reset. And…
Can I exclude a “credit card” from my creditor schedule when I file for bankruptcy in Michigan?
Under the bankruptcy law, you are required under penalty of perjury to list all of your debts. If you fail to list all of your creditors and the related debts, your case can get dismissed. Here is the solution: If you owe less than $600 on the card, you are allowed to pay it off…
If I file for bankruptcy in Michigan, do I have to appear in Court?
If you file for bankruptcy in Michigan, you probably will never enter a court room. The overwhelming majority of bankruptcy filers never enter the court room. Your bankruptcy case is filed with the US Bankruptcy Court but the case is reviewed by a Trustee that is assigned to your case. You will have to appear…