At the end of the year, many people start thinking about their tax refunds. As a result, they are often concerned about whether filing a bankruptcy petition may affect those refunds. Will they get the refunds or will the court…
Yearly Archives: 2011
Losing Redemption Rights in a Chapter 7
After most foreclosure sales in Michigan, the homeowners have the right of redemption for six months. This means that they have an extra six months after the sale date before they have to move. The homeowners can also use the…
Posted in Foreclosure Law, Redemption
The Role of Chapter 13 Trustees
Anyone who files a Chapter 13 bankruptcy petition gains some familiarity with a Chapter 13 trustee. In Detroit, there are three Chapter 13 trustees. Each trustee administers cases assigned under a particular judge. During the bankruptcy case, trustees collect money…
Posted in Chapter 13 Bankruptcy, Trustee
When Bankruptcy is the Only Option
Many people tried to avoid bankruptcy at all costs. Afterall, some of them have spent years building a high credit score and bankruptcy is the last thing they want to even consider. I remember watching a show on television when…
Posted in Bankruptcy
Is Bankruptcy Necessary when You’re Uncollectible?
When a creditor gets a judgment against a debtor, the creditor can attempt to collect the money owed by doing things like garnishing wages, bank accounts or state tax refunds. However, there are some people who are uncollectible. They are…
Posted in Bankruptcy, Chapter 7 Bankruptcy
The Debt Relief Agency Controversy
Image via Wikipedia Last year, the Supreme Court issued a decision holding that bankruptcy attorneys are included in the definition of debt relief agency as defined in the US Bankruptcy Code. Many attorneys opposed the inclusion of attorneys in the definition…
Posted in Debt Relief Agency
Chapter 7 Bankruptcy for Small Businesses
Corporations, limited liability companies, and partnerships are allowed to file a chapter 7 bankruptcy petition. Like individuals, business entities receive protection from creditors in bankruptcy. However, a chapter 7 bankruptcy provides a limited benefit to business debtors. Individual chapter 7…
Posted in Business Bankruptcy, Chapter 7 Bankruptcy
You Can Get Rid of Your Second Mortgage
One of the benefits of filing Chapter 13 bankruptcy is removing a second mortgage on your personal residence. This process is called “lien stripping.” You can qualify to “strip” the second mortgage if the balance owed on your first mortgage…
Posted in Chapter 13 Bankruptcy, Mortgages
Michigan Bankruptcy Law Blog 