Tag Archives: homestead

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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A Hidden Advantage of Not Reaffirming: the Freedom to Move

Guest Post by Atlanta Bankruptcy Attorney Peter Bricks.

A reaffirmed mortgage is a mortgage that you remain stuck with just as much after a Chapter 7 bankruptcy as you were before the Chapter 7 bankruptcy. A non-reaffirmed mortgage after a Chapter 7 bankruptcy, on the other hand, is a mortgage you can walk away from if you need to.

To read more, click here to read our full article about the advantages of not reaffirming a mortgage in Chapter 7 bankruptcy 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 me 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.

Did I Reaffirm my Mortgage Debt in My Bankruptcy?

A reaffirmation of a mortgage in Chapter 7 bankruptcy is nearly always a bad idea. Michigan law already protects you from foreclosure if your payments remain current, and the reaffirmation agreement will put you “back on the hook” for tens or hundreds of thousands of dollars in mortgage debt where your Chapter 7 discharge would have otherwise technically discharged the debt, allowing you to truly walk away “free and clear” if your circumstances worsen in years to come.

To read more about this topic, click here to read our full article concerning mortgage reaffirmation agreements and Chapter 7 bankruptcy 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 me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

How Is My Mobile-Home Handled in a Chapter 7 Bankruptcy?

Mobile or manufactured housing is handled roughly the same way non-mobile housing is handled in a Chapter 7: it is property that is possibly securing debt the same way a standard mortgage or even car loan does and is likewise property that may be foreclosed upon if payments for the debt that it secures fall behind. The difference is, naturally, in the possibility that this particular type of home may, as its name implies, be mobile.

To read more about the specific issues regarding mobile or manufactured housing in Chapter 7 and Chapter 13 bankruptcy in Michigan, click here to read our full post on this topic 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 me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

If you have questions about your mobile or non-mobile home and how it might be handled in the bankruptcy process, please contact me at john@hillalaw.com or (866) 674-2317 to schedule a free, initial consultation. Together, we’ll work out the best strategy to protect and preserve your home.

Can I Keep My House if I File for Chapter 7 Bankruptcy?

There is generally no problem with keeping your home in Chapter 7 bankruptcy if you are current on your mortgage payments and you do not have any equity in your home that cannot be exempted, or protected, from liquidation in the bankruptcy itself.

To read more about keeping your home through a Chapter 7 bankruptcy, click here to read our full article on this topic 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.

How Much Will I Have to Pay Each Month if I File Chapter 13?

Your Chapter 13 Plan Payment is generally “what you can afford to pay.” That is, whatever is left over at the end of the month after your average household expenses are deducted from your average monthly household income.

However, there are some complicating factors.

Click here to read our full article on Michigan Chapter 13 bankruptcy plan payments on our new website.