In deciding between Chapter 7 or 13 bankruptcy one needs to consider several factors. Eligibility to file Chapter 7 or 13 is the main consideration. For example if your income is above the median income you may not pass the means test. The means test…
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Creditors can object to a bankruptcy although as a practical matter most creditors do not object. A creditor must have a valid reason under the code to file an objection. In order to object to its debt being discharge. In order to object to its debt…
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YES. The documents you file with the bankruptcy court, including the petitions, schedules, Statement of Financial Affairs, etc. are signed by you under oath. Meaning you affirm, by signing your bankruptcy paperwork, that everything in them is true an…
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MICHIGAN BANKRUPTCY ATTORNEYS Bankruptcy affords protection for retirement plans. If you have a 401k, 403B, IRA or other pension plan, this asset should be exempt if you file bankruptcy. An IRA is exempt up to a $1,000.000.00 and other retirement pla…
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The statute of limitations in Michigan for the collection of credit card debts (referred to as “open accounts”) is six years under MCL §600.5807. However do not assume that because six years has passed since you took out the debt that you are fr…
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It is possible to file bankruptcy without paying the attorney fee in full. Generally, the attorney fee must be paid in full prior to filing the bankruptcy. This is because any fee owing at the time the bankruptcy is filed is discharged. Sometimes a c…
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STOP GARNISHMENTS When a Debtor is unable to pay his bill, a creditor may file a lawsuit and obtain a judgment to collect. Once a creditor obtains a judgment, they can proceed to collect on the judgment in various ways. A creditor may garnish wages,…
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NO MONEY DOWN CHAPTER 13 BANKRUPTCY ATTORNEYS Payment plans must be between 36 -60 months. The number of months starts to run the day your case is confirmed, not the day your case is filed. The length of your plan can depend on many factors. Your lev…
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Monitoring your credit is important. If you need to see what is being reporting on your credit, the best place to go is www.AnnualCreditReport.com. Many places advertise a free credit report but more often than not they are not truly free. AnnualCred…
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METRO DETROIT CHAPTER 13 BANKRUPTCY ATTORNEYS You will sit down with your Michigan bankruptcy attorney and prepare a repayment plan which includes the proposed payments. This plan is sent to the bankruptcy court when your bankruptcy is filed. The Tru…
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