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…
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Do I have to give up my house and all of my other assets if I file for bankruptcy in Michigan?
NO! Under the Bankruptcy law you are entitled to keep certain assets for a “fresh start”. These assets or interests are called exemptions and here is a summary of the federal exemptions: Homestead: 522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may…