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…
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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
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
When is a Chapter 7 Bankruptcy not an Option?
There are some people who do not really have bankruptcy as an option despite low income. Some can only benefit from a payment plan provided by a Chapter 13, but they can’t afford the payments. Here’s an outline of people…
Posted in Chapter 7 Bankruptcy
Qualifying for a Chapter 7
Most of my clients want to file a Chapter 7 bankruptcy. After all, the complete debt relief that a Chapter 7 can provide seems more desirable than the payment plan that a Chapter 13 provides. However, the new bankruptcy law…
Posted in Chapter 7 Bankruptcy
Michigan Bankruptcy Law Blog 