Michigan Bankruptcy Fee or Hourly Basis Fee. Each 2016(b) statement provides for compensation to be either a stated flat fee; or payment of a stated retainer amount against which the attorney would bill at a specific hourly rate, with debtor agreeing to pay all Court approved fees exceeding the retainer. During the consideration of a…
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Bankruptcy in Michigan-Reaffirmation Agreement Based On Mutual Mistake Voided
Bankruptcy in Michigan -Reaffirmation Agreement. After filing a Ch. 7 bankruptcy, a reaffirmation agreement was signed for two separate bank loan debts that would have both been dischargeable. The Debtors Jackie and Peggy Bailey abruptly stopped paying Salyersville National Bank, which tried unsuccessfully to repossess a truck pledged as security. SNB filed a “wholly unsecured…
Michigan Bankruptcy – 6th Circuit Says Avoidance Powers Allowed By Ch. 13 Debtor
Bankruptcy in Michigan-Avoidance Powers and Chapter 13. The issue of whether a Ch. 13 debtor has standing to exercise avoidance powers (normally) exclusive to the Standing Trustee was reviewed by a 6th Circuit Panel. The Bankruptcy Court for the Eastern District of KY held that Debtor Gary Barbee has standing to initiate an avoidance action,…
Michigan Bankruptcy – District Court Decides Stephenson – Says Inherited IRAs Fully Exemptable
Bankruptcy in Michigan Inherited IRAS. Debtors Daniel and Janet Stephenson appealed an Order in their Ch. 7 bankruptcy to the U.S. District Court, Eastern District of MI, Southern Division. The Standing Trustee’s objections to their claimed exemptions had been sustained. Among their assets, the Debtors listed three inherited IRAs, exempting them in full through the…
Bankruptcy in Michigan – Reviewing Court Can Comment About A Factual Finding Being Mistaken
Michigan Bankruptcy- Reviewing Court and Ruling on comments. A visiting bankruptcy judge presided over an evidentiary hearing on objections to certain claims filed. There were numerous related adversary proceedings pending. During the hearing the Liquidation Trustee submitted a proposed Dismissal Order, with the disclaimer that applicable parties disagreed over the terms. The Bankruptcy Court for…
Bankruptcy in Michigan – 6th Circuit Says Perfection Follows Secured Lien, Even After Assignment
Michigan Bankruptcy Secured Lien. The Bankruptcy Court for the Northern District of OH said Wells Fargo Bank lacked standing to seek relief from the automatic stay in the filed Ch. 7 of Megan Rice. WFB appealed the decision to the 6th Circuit Appellate Panel. Debtor Rice had previously financed a Trailblazer. In turn, the security…
Michigan Bankruptcy Exemptions Updated
Effective April 1, 2010, the federal exemptions that you can use in your Michigan bankruptcy have changed. Exemptions are dollar allowances for real and personal property that you can keep when you file for bankruptcy in Michigan. The exemptions provide the basis for your fresh start. Here are the new exemption amounts: Homestead: 522(d)(1) Real…