Category Archives: Personal Property in Bankruptcy

How Is My Family Pet Treated in Bankruptcy

Pets must be listed and valued along with the rest of your property and assets in a Chapter 7 or Chapter 13 bankruptcy petition—but so can the expense related to the pet ownership, which can be advantageous.

Click here to read more about pets in bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident interested in filing for bankruptcy, please feel free to contact me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

I Signed an Auto Loan Reaffirmation Agreement in my Chapter 7 Bankruptcy, So Now What?

A reaffirmation agreement is, as I’ve written here before, a separate agreement that you may have the option to sign in a Chapter 7 bankruptcy that, essentially, puts you back on the hook for the “reaffirmed” debt as if you had never filed for bankruptcy at all. A Chapter 7 bankruptcy discharges ALL debts owed (except for those deemed to be non-dischargeable by the US Bankruptcy Code, such as child support arrearages or most tax debts, among others), flat-out, unless a debt is “reaffirmed.”

The reaffirmation agreement is a form document with contractual terms of the loans filled in that is provided by a creditor after filing and which requires the your signature, your attorney’s signature IF there is no “undue hardship” (more on this below), and the creditor’s signature. Once signed, it is provided to the creditor, and it is the creditor’s job to file it with the court. If filed and approved, you will be obliged to pay the debt regardless of the bankruptcy.

In most cases, I do not recommend that my bankruptcy clients here in Michigan sign reaffirmation agreements.

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What Happens in a Chapter 7 Bankruptcy if All of My Property Isn’t Exempt?

 The question of what happens in the Chapter 7 Bankruptcy process when a filing debtor’s property is NOT fully protected by the available bankruptcy exemptions is a very basic question—but the answer to that question is not one that will be easily located in any bank of public information on the subject.

Click here to read more about non-exempt property in Chapter 7 bankruptcy on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident considering filing for bankruptcy, please feel free to contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

In Chapter 7 Bankruptcy, Can I Protect Life Insurance Proceeds Already Received?

Life insurance proceeds already received prior to the filing of a Chapter 7 bankruptcy petition can be protected to the extent that they are reasonably necessary for the support of the bankruptcy filer, or their dependents.

Click here to read more about life insurance funds in Chapter 7 bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Bankruptcy and Your Facebook Account: How Safe Is It?

Although I have not seen this happening much, so far, in the Eastern District of Michigan, where I practice as a bankruptcy lawyer, some of my colleagues around the country are reporting that Chapter 7 bankruptcy Trustees are beginning to review and to ask questions about debtors’ Facebook accounts. In some extreme cases, Trustees have reportedly requested debtors’ user-names and passwords at the 341 Meeting of Creditors hearing that occurs in the Chapter 7 bankruptcy process.

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Can I Retain a Social Security Disability Benefit Payment in a Chapter 7 Bankruptcy?

The extent to which a Social Security Disability payment or settlement can be exempted and protected in Chapter 7 bankruptcy depends greatly upon where your bankruptcy was filed, what the case-law of that jurisdiction is, and whether you have already received the payment or are just expecting it at the time that you file your Chapter 7.

Click here to read more about social security disability settlements in Chapter 7 bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident considering filing for bankruptcy, please feel free to contact me at (866) 674-2317 or email me at john@hillalaw.com to schedule a free, initial consultation.

Why You Shouldn’t Worry about your Chapter 7 Bankruptcy 341 Meeting of Creditors

The Chapter 7 and Chapter 13 bankruptcy 341 Meeting of Creditors is usually the only hearing you will have to appear for in a typical bankruptcy process. Generally speaking, there is no reason to feel stressed or nervous about this hearing in advance.

Click here to read more about the 341 Meeting of Creditors and why it is nothing to fear on the new Michigan Bankruptcy Blog of Michigan bankruptcy attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident considering filing for bankruptcy, please feel free to call me at (866) 674-2317 or email us at john@hillalaw.com to schedule a free, initial consultation.