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…
Archives for exemptions
What are some common mistakes to avoid before I file for bankruptcy in Michigan?
Here is a list of common bankruptcy mistakes to avoid before you file for bankruptcy in Michigan: 1. Do not attempt to hide information or assets from your attorney. You have to open and honest with me so that I can give good legal advice and counsel. Your failure to properly disclose required information could…
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…