Category Archives: Uncategorized

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.

What Happens If I Get Married While In a Chapter 13 Bankruptcy?

In a Chapter 13 bankruptcy, when you add a new person to your household, you are also adding new income, potentially, and new expenses. This can have an impact upon the “net income” available to make a Chapter 13 plan payment, for better or worse.

Click here to read more about the effect of marriage during a Chapter 13 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 Chapter 7 or Chapter 13 bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

What is a Contingent Claim and Can I Exempt One in Chapter 7 or Chapter 13 Bankruptcy?

All assets must be disclosed in your bankruptcy petition—even assets you may not receive or which may not have value until some other event occurs in the future. Such assets are “contingent,” but they are still assets.

Click here to read more about contingent claims in 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 john@hillalaw.com to schedule a free, initial consultation.

Do I Need to List Every Debt in my Chapter 7 or Chapter 13 Bankruptcy? (Revisited)

I’ve written before on the subject of whether all debts must be listed in a Chapter 7 or a Chapter 13 bankruptcy petition as an answer to the very commonly asked question, “Can I leave my favorite credit card out of the bankruptcy?”

The answer to that question is an easy, “No, you cannot leave a debt out of the bankruptcy; the US Bankruptcy Code requires that all assets and all liabilities (debts) must be listed in either a Chapter 7 or Chapter 13 petition—and treated in a Chapter 13 payment plan one way or another.

However, there are additional reasons why you would want every debt listed, even if you otherwise desired to leave it out of the bankruptcy:

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What Are the Tax Consequences of a Short Sale?

There can be serious tax liabilities arising from a short sale, or the sale of real estate for less than is owed on the balances of the mortgage notes attached to the property.

Click here to read more about the tax consequences of a short sale on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

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

Are Assets in a Trust Protected in Chapter 7 Bankruptcy in Michigan?

Placing assets into a trust may not be an effective way to protect your personal property if you are planning to file a bankruptcy in Michigan.

Click here to read more about the protection of assets in trusts during Chapter 7 or Chapter 13 bankruptcies in Michigan on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

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

Can a Chapter 7 Bankruptcy Trustee Sell My House after My Case Discharge?

A Chapter 7 bankruptcy Trustee may indeed attempt to short-sell or sell your foreclosed or surrendered home in your Chapter 7 Bankruptcy. However, there are steps that an experienced bankruptcy attorney can take to limit the Trustee’s reach.

To read more about this topic, click here to read our full article on bankruptcy Trustee short sales and real estate sales on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

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