For most people the decision to file bankruptcy in Michigan is extremely difficult. First, there is the fear of the unknown. Some people fear that their credit will be destroyed forever. Others fear that they will lose their property. Yet others fear…
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If you owe a creditor money and fail to make your required payments, this lender may seek to get repaid by garnishing your wages. This means a percentage — usually not more than 25 percent — of your regular paycheck will be deducted and s…
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Divorce often puts tremendous strain on both spouse’s finances. One spouse is suddenly paying alimony, spousal or child support, while the other may be scrambling to find a job after staying home with the kids for years. Both have increased liv…
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The Means Test was part of the Bankruptcy Reform Act of 2005. Its purpose was to devise an income test to determine eligibility to file a Chapter 7 bankruptcy. The means test is a backward looking test which averages the Debtor’s income over th…
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In preparing to file bankruptcy a client should be aware of how a bankruptcy case is reviewed by creditors and administered by the Trustee. The client should be advised of what assets are exempt and can be retained and what assets would be turned ove…
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Bankruptcy offers relief to homeowners who are financially strapped. Depending on your financial circumstances bankruptcy can provide assistance to stopping foreclosure, reducing payments, stripping off mortgage liens and reinstating delinquent mortg…
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Outline for client Chapter 13 Bankruptcy: The purpose of this outline is to advise the client on what to expect in the preparation and filing of a Chapter 13 case: The first step in filing the case is to pay the fee to the office and provide all of t…
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