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.

Can I File a Chapter 13 Bankruptcy if I Am Not Eligible for a Discharge?

A Chapter 13 bankruptcy filing can still be useful even if you are not eligible for a discharge of the unpaid balance of debt remaining at the end of the Chapter 13 payment plan due to a prior bankruptcy filing in order to force creditors into a Federal court-enforced payment plan at 0% interest. This is particularly useful when it comes to student loan and other non-dischargeable debt.

Click here to read more about filing Chapter 13 bankruptcy even if not eligible for discharge 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 us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Michigan Bankruptcy Exemptions Found Constitutional by the Sixth Circuit

An important new decisionRichardson v. Schafer, was handed down this week by the Sixth Circuit Court of Appeals finding that Michigan’s bankruptcy exemptions are, in fact, Constitutional, contrary to the arguments made by Western District of Michigan Chapter 7 Bankruptcy Trustee Thomas Richardson.

The argument centered on Michigan’s state bankruptcy exemption scheme, and, in particular, on the homestead exemption, which allows $30,000 of equity in a person’s primary residence to be exempted (that is, protected from liquidation/sale by the Chapter 7 bankruptcy Trustee), or up to $45,000 if the homeowner filing for bankruptcy is over the age of 65.

Alternatively, the Federal exemptions allow a homestead exemption of just(currently) $21,625.00.

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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.

Can I Discharge Michigan Driver’s Responsibility Fees with Chapter 7 Bankruptcy?

Michigan’s driver responsibility fees are an egregiously expensive form of “administrative” punishment for those who have committed driving-related offenses that are separate from criminal penalties or fines assessed as part of a criminal sentence for an offense and separate from crime victim compensation or REPARATIONS. These fees, which are assessed after a Michigan driver receives 7 points or more against his or her license, if not paid within 30 days of assessment, can result in the loss of driving privileges. The amounts vary from offense to offense and can increase greatly if the amount owed becomes seriously delinquent.

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If I Own my Home Free and Clear, Will I Lose it in a Chapter 7 Bankruptcy?

If you own your home free & clear of any mortgage lien, a Chapter 7 bankruptcy may be a risky process for you, and a Chapter 13 bankruptcy may be a safer form of debt relief for you.

Click here to read more about protecting your home from liquidation in a Chapter 7 bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeastern Michigan resident interested in filing for bankruptcy, please feel free to call me at (866) 674-2317 or email me at 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.