The fee for filing a petition is $299 and it is the same whether you file as a husband and wife or separately.
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Can I convert my Chapter 13 into a Chapter 7 bankruptcy?
Yes. You have an absolute right to convert your Chapter 13 to a Chapter 7. You can get more details and all your Michigan bankruptcy related questions answered via a free evaluation… It’s a conversation you’ll be glad you had.
Who is the bankruptcy trustee and what do they do?
In every case under Chapter 7 or Chapter 13, a trustee is appointed to supervise your case. Typically most Chapter 7 cases do not contain any non-exempt property. In other words, most Chapter 7 individuals, couples, and businesses do not have assets which exceed the exemption allowances – these cases are referred to as “no asset” cases. In these cases, the trustee evaluates your schedules, statements, and exemption claims and makes sure that you carry out your stated intentions with respect to loans that you want to reaffirm.
Do I get to keep my income tax refund?
The right to receive an income tax refund is property of your bankruptcy estate. Income tax refunds are typically exempted from the reach of your creditors and you get to keep it.
What is a reaffirmation agreement?
With a reaffirmation agreement, you agree to pay a debt that you otherwise could have discharged. For example, you have a car loan and you want to keep the car. To do that, you have to reaffirm the car loan and keep making payments – the same is true with a home mortgage loan – if you want to keep the house, you reaffirm the mortgage note and keep making your payments. In both cases, you could have surrendered the car or walked away from the house and the debt could have been discharged or wiped out.
What is an exemption?
An exemption is a privilege or an allowance which allows you to retain certain amounts of property in certain classes including your house (homestead) and personal property including furnishings, jewelry, automobiles, and other property, as well as your 401K or other retirement plan. You don’t lose everything. The exemptions give you your “fresh start.”
If I filed bankruptcy earlier in my life can I file again?
Yes. You can file a Chapter 7 bankruptcy 8 years after your last Chapter 7 discharge or 6 years after your last Chapter 13 discharge. You can file a Chapter 13 bankruptcy 4 years after you have been discharged in a Chapter 7 or 2 years after your previous Chapter 13 discharge.