Some people ask “What about a car? I’m not going to be able to get a car.” Well, that’s not true either. You seen, when you do a bankruptcy, you get rid of all of your debts. So know, you are an excellent credit risk to the car dealer, and it gives him the opportunity to maybe charge you a little bit more interest and ask you for a little bit more money down, but he knows you are not going to do a bankruptcy again for quite some time.
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Will I ever be able to by a home again if I file for bankruptcy in Michigan?
A lot of people come in to the office and say, “Gee, my mom and dad told me that if I did a straight bankruptcy, I’d never be able to buy a home again.” Well that isn’t true. There are thousands and thousands of FHA and VA assumable loans. You will have to save up a little bit of cash, but you can buy property again almost immediately.
Would you like to stop a wage garnishment, a foreclosure, or protect your checking account from a judgment?
Many of the ads that you read talk about getting rid of debt, indicating straight bankruptcy. Let’s talk about the difference between bankruptcies. Chapter 7, straight bankruptcy, and Chapter 13, also referred to as bill consolidation. Did you know that many people do straight bankruptcy Chapter 7 and keep their home, car, furniture, and cash in the bank? Well, they do. It’s a law and it is their right. Straight bankruptcy or Chapter 7 allows you to get rid of debts, bills, and financial obligations and keep almost everything you own through what is known as exemption allowances. An exemption allowance is a dollar value determined by law which is assigned to different classes of property – for example – an individual debtor gets a…
What are some common mistakes to avoid before I file for bankruptcy in Michigan?
Here is a list of common bankruptcy mistakes to avoid before you file for bankruptcy in Michigan: 1. Do not attempt to hide information or assets from your attorney. You have to open and honest with me so that I can give good legal advice and counsel. Your failure to properly disclose required information could result in a denial of your discharge, fines and other criminal penalties including jail time. 2. Do not use your credit cards after you have decided to file for bankruptcy. It is illegal for you to incur debt that you do not intend to repay. Your creditor may object to those charges being discharged – in which case – you will be responsible for repaying those charges. 3. Do not…
Are student loans dischargeable in a Chapter 7 Bankruptcy in Michigan?
As a general rule, student loans are not dischargeable. However, they can be discharged if you can show that the repayment of the student loans would impose an undue hardship on you. If you have any questions about Bankruptcy in Michigan, call Attorney Mike Shovan with the Bay Area Bankruptcy Clinic at (877) 233-9389. Michael J Shovan PLC is a debt relief agency and we help people file for bankruptcy under the laws of the United States Constitution, Article 1, Section 8. This post is for informational purposes only and is not intended to constitute legal advice. Any relationship with this firm will be established by a written agreement signed by both you and me. If you have read this far, you need to call…
What debts are not dischargeable under a Chapter 7 Bankruptcy in Michigan?
Tax debts owed to the IRS or the State of Michigan are not dischargeable. Any debts incurred by fraudulent acts are also not dischargeable. Same goes for debts incurred for luxury goods or services and debts for cash advances made within 60 days before the case is filed. Debts for alimony, maintenance, or support and other divorce-related debts are not dischargeable. Debts for intentional or malicious injury to the person or property of another are not dischargeable. Student loans are not dischargeable unless a court finds that not discharging the debt would impose an undue hardship on the debtor and his or her dependents. Debts for personal injury or death caused by the debtor’s operation of a motor vehicle while intoxicated are not dischargeable. If…
What is the difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy in Michigan?
If you file a Chapter 7 Bankruptcy, your obligation to pay your creditors is permanently relieved. If you have the income to make payments over time, then you will consider a Chapter 13 Bankruptcy. If you file a Chapter 13 Bankruptcy, you will repay your creditors over the next 3 to 5 years.mike@mikeshovan.com. If you have any questions about Bankruptcy in Michigan, call Attorney Mike Shovan with the Bay Area Bankruptcy Clinic at (877) 233-9389. Michael J Shovan PLC is a debt relief agency and we help people file for bankruptcy under the laws of the United States Constitution, Article 1, Section 8. This post is for informational purposes only and is not intended to constitute legal advice. Any relationship with this firm will be…