Your Chapter 7 or Chapter 13 bankruptcy filing will not negatively affect the credit reports of any co-signers on your debt, but neither it will discharge their joint liability for the debt.
Click here to read more about how co-signers are affected by bankruptcy on the new Michigan bankruptcy blog of Michigan bankruptcy attorney The Hilla Law Firm, PLLC.
If you are a southeast Michigan resident and are interested in discussing your options for bankruptcy, please feel free to contact me at (866) 674-2317 or firstname.lastname@example.org to schedule a free, initial consultation.
Posted in Bankruptcy Process, Business Debt, Chapter 13, Chapter 7, Co-signers, Debt Listing, Student Loans
Tagged Chapter 13, Chapter 7, co-signers, debt, detroit bankruptcy attorneys, detroit bankruptcy lawyer, detroit bankruptcy lawyers, Michigan, michigan bankruptcy attorney, Michigan bankruptcy attorneys, nondischargeable, southfield bankruptcy attorneys
The location of your 341 Meeting of Creditors hearing depends both upon your county of residence and whether you are filing a Chapter 7 or Chapter 13 bankruptcy in Michigan.
Click here to read more about 341 meeting location in the Eastern District of Michigan on the new Michigan Bankruptcy Blog of Michigan bankruptcy attorneys The Hilla Law Firm, PLLC.
Wherever you are located in Michigan, if you are considering filing for bankruptcy, please feel free to contact me at (866) 674-2317 or email@example.com to schedule a free, initial consultation.
Posted in 341 Hearing, 341 Meeting of Creditors, Bankruptcy Basics, Chapter 13, Chapter 7, Michigan
Tagged 341 Meeting Location, Bankruptcy, Chapter 13, Chapter 7, detroit, Michigan, michigan bankruptcy attorney
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.
Posted in Chapter 7, Debt Listing, Home Mortgages and Bankruptcy, Michigan, Personal Property in Bankruptcy, Reaffirmation Agreements
Tagged Chapter 7, chapter 7 bankruptcy michigan, Michigan, Michigan bankruptcy attorneys, Michigan bankruptcy lawyer, Reaffirmation Agreements
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 firstname.lastname@example.org to schedule a free, initial consultation.
Posted in Chapter 7, Chapter 7 Trustee, Exemptions, Michigan, Personal Property in Bankruptcy, Property
Tagged Chapter 7, chapter 7 bankruptcy, chapter 7 trustee, detroit bankruptcy lawyer, exemptions, Michigan, michigan bankruptcy attorney
Guest Post by Michael Goldstein, attorney in Massachusetts.
You are in a Chapter 7 bankruptcy to eliminate your overwhelming debt, not to put yourself back on the hook for it.
Click here to read more about why reaffirming mortgages is a very bad idea in a guest post by Massachusetts Attorney Michael Goldstein on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.
Posted in Chapter 7, Foreclosure, Home Mortgages and Bankruptcy, Mortgage Modifications, Reaffirmation Agreements, Real Estate
Tagged Chapter 7, detroit, foreclosure, Michigan, property, Reaffirmation Agreements, real estate
An important new decision, Richardson 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.
Posted in Bankruptcy Laws, Chapter 7, Exemptions, Home Mortgages and Bankruptcy, Judicial Decisions, Michigan, Real Estate
Tagged Chapter 7, exemptions, homestead, Michigan, schafer v. richardson, Sixth Circuit
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.