Michigan Bankruptcy and Chapter 7 to 13 Conversion. The Chapter 7 Debtors failed to disclose in their petition their interests in various real estate partnerships and multiple foreclosure proceedings, which the Chapter 7 Trustee discovered through reviewing the Debtors’ tax return and public records. The Debtors then sought to convert to Chapter 13 and the…
Archives for chapter 13
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,…
Bankruptcies are on the rise in February of 2010
The new law Congress passed to slow down bankruptcy filings is not working. All the new law does is impose unnecessary cost burdens on you. 111,693 bankruptcy cases were filed in the US in February of 2010 – that is 9% increase from January. Chapter 7 filings are up and Chapter 13 filings are down….
How does filing for Bankruptcy in Michigan really work?
There is a lot of information that you really need to have about bankruptcy to fully understand it. In simple terms, the bankruptcy laws were created so that good people don’t have to suffer through their entire life. Good people like you have the opportunity to get a fresh start. And that’s what bankruptcy does…
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….
Can I keep 2 houses if I file a Chapter 13 bankruptcy in Michigan?
The analysis to determine whether you can keep 2 houses in a chapter 13 bankruptcy is complicated. In most cases, you will be filing a Chapter 13 bankruptcy when you are trying to save a house or if you “flunked” the means test. With a Chapter 13 bankruptcy, your unsecured creditors cannot receive less than…