Tag Archives: Bankruptcy Planning

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.

Can I Pay Back-Rent in a Chapter 13 Bankruptcy Plan?

Back rents can be repaid in full in a Chapter 13 bankruptcy in order to stop an eviction and preserve your right to remain in rental housing.

Click here to read more about back rent in 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 and are considering filing for bankruptcy, please feel free to contact me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Can I Lower my Salary or Wages to Pass the Chapter 7 Bankruptcy Means Test if I am Self-Employed?

Some small business owners inquire as to the possibility of artificially lowering their income or taking less wages out of their business prior to filing a bankruptcy petition in order to pass the Chapter 7 means test.

This possibility is fraught with peril for uninformed individuals. Click here to read more about whether one can lower wages to pass the means test in bankruptcy 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.

Do I Have to Include my Annual Bonus in the Chapter 7 Bankruptcy Means Test?

An annual bonus or other “extra” income received within the 6 months prior to the filing of a Chapter 7 or Chapter 13 bankruptcy must be disclosed and computed in the bankruptcy means test which determines Chapter 7 eligibility and determines whether you are eligible to propose a 36-month Chapter 13 payment plan rather than a longer payment plan.

Click here to read more about the including an annual bonus in the Chapter 7 bankruptcy means test 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 us at john@hillalaw.com or (866) 674-2317 to schedule a free, initial consultation.

Will My Chapter 7 or Chapter 13 Bankruptcy Affect my Family?

One of the most common questions people have prior to filing a Chapter 7 or Chapter 13 bankruptcy is with regard to whether the filing will affect their family-members and loved ones.

To read more about bankruptcy and its effect upon family-members, click here to read our full article on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a 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.

Is My Personal Injury Settlement Protected in Bankruptcy?

A personal injury settlement in Michigan may be protected in bankruptcy in a number of different ways depending upon the classification of the settlement funds.

Personal injury settlements may be awarded by Michigan district or circuit courts for different purposes: lost wage replacement, medical expense damages, caretaker or nursing services, and punitive damages, to name a few settlement categorizations. Depending upon which of these categorizations applies to a specific sum of settlement funds, the settlement may or may not be protectible in bankruptcy.

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Michigan Means Test Median Income Numbers Updated!

The Michigan means test median household income numbers were updated again on March 15, 2011. Unlike the prior update on 11/1/2010, the numbers rose this time, so this is good news for “on-the-edge” potential Chapter 7 filers whose household incomes may have been hovering on the edge.

The new numbers are:

  • Household of 1 Person:     $42,562
  • Household of 2 Persons:   $50,738
  • Household of 3 Persons:   $60,161
  • Household of 4 Persons:   $71,758

Not a huge bump, just around $1,000 or so per household, but every little bit can often make the difference in determining whether someone is elgible for a Chapter 7 or must file a Chapter 13 instead.

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