The “fresh start” concept allows you to free yourself from debt and engage in a newly productive life which is unimpaired by your past financial problems. This concept helps you avoid the permanent discouragement that would prevent you from ever wanting to reestablish yourself as a hard-working member of society and to strive to find…
Archives for bankruptcy in michigan
What is the filing fee for filing a Chapter 7 bankruptcy?
The fee for filing a petition is $299 and it is the same whether you file as a husband and wife or separately.
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…
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 –…
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.”