Everyone who files bankruptcy must disclose all of their real and personal property. The value of real estate can be easily done with an appraisal or market analysis. For cars, debtors can look at the blue book value. The biggest…
Blog Archives
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
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
Surviving a Michigan Chapter 13 Budget
When many of my clients file a Chapter 13 bankruptcy, their biggest concern is whether they will still have enough money to live on after making payments to the trustee. In the ideal world, there will never be a problem…
Posted in Chapter 13 Bankruptcy
When is Chapter 13 the Better Option?
Some people want to repay their debt, but they are unable to afford the regular monthly payments. Others are behind on mortgage payments due to a temporary reduction in income. Some people have debt that is not dischargeable in a…
Michigan Bankruptcy Law Blog 