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…
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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…
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…
I was raised to be an honest person and pay my debts. Won’t I be cheating my creditors if I file for Bankruptcy in Michigan?
Bankruptcy is not about cheating your creditors. Bankruptcy laws were enacted to help people facing financial difficulty. The public policy behind the Bankruptcy law is to allow you to get a “fresh start.” If you have any questions about Bankruptcy in Michigan, call Attorney Mike Shovan with the Bay Area Bankruptcy Clinic at (877) 233-9389….
Under what circumstances can a confirmed Chapter 13 bankruptcy plan be modified?
A confirmed Chapter 13 bankruptcy plan can be modified in the following instances: Decrease/increase in income; Interruption of income; Change in marital/dependent status; Unexpected medical expenses; Unexpected home or auto repair expenses; Refinance of a mortgage; Mortgage loan modification; Purchase or lease of a vehicle; Missed plan payment; Need to keep income tax refunds; Purchase…
How much will I pay for a Bankruptcy in Michigan?
It is important to realize that all fees in Bankruptcy cases are monitored by the Bankruptcy court. Fees for your particular case will depend on your circumstances. With a simple straight forward Chapter 7 case, you will pay a flat fee. If your case is more complicated, the fee will be adjusted accordingly. Make sure…
What happens when I file for Bankruptcy in Michigan?
When you file your bankruptcy petition in Michigan, an “automatic stay” goes into effect. The “automatic stay” prohibits and stops any action against you to collect any debt, to foreclose on any real estate mortgage or repossess any vehicle. The “automatic stay” also stops creditor harassment, IRS and Michigan Department of Treasury collections, utility shut…