posted on March 24, 2023 by
Bankruptcy: How Long Does a Case Take?
If you’re considering filing for bankruptcy in Michigan, one of your main concerns is probably how long the process will take. The answer depends on several factors, including the type of bankruptcy you file, the complexity of your case, and how quickly you can provide the required information and documentation. Chapter 7 Bankruptcy Timeline in […]
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posted on February 20, 2023 by
Bankruptcy: Should You File Bankruptcy Before or After You File Your Taxes?
Filing for bankruptcy can be a complex and stressful process, with many legal and financial considerations to keep in mind. One important issue to consider is the impact that filing for bankruptcy may have on your tax returns. When you file for bankruptcy, it is important to make sure that all of your tax returns […]
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posted on December 29, 2022 by
Bankruptcy: Can I keep my tax refund?
For many of our clients, the annual tax refund they receive is a household necessity in order to pay for vehicle repairs, back rent, medical bills or child expenses. For that reason, we are often asked “will the court take my tax refund?” Chapter 7 In a Chapter 7, you will be able to keep […]
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posted on July 14, 2022 by
Bankruptcy: What Documents Are Needed?
The Exact Documents Vary Case To Case, But Generally Speaking These Are The Documents We Will Need: Pay Stubs For The Last 7 Months (Spouse Too, If Married) Tax Returns For The Last 2 Years (State & Federal) Bank Statements For The Last 90 Days. Recent Statements For Any Investment Accounts (401k, 403b, IRA, Pension, Stocks, Bonds, Etc.) Automobile, Motorcycle, […]
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Bankruptcy: Can Taxes be Forgiven?
People often call in asking if their taxes can be forgiven in bankruptcy. And the answer is … maybe. Let’s dive in further. In order to have your taxes forgiven, you must pass the 3/2/240 Rule: 3: Your taxes must have been due at least 3 years ago. So for example, your 2018 taxes are […]
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Bankruptcy: What Debts Can be Forgiven?
What debts can be forgiven in a bankruptcy? General Unsecured Creditors, and Secured Debts where you are surrendering the property. General Unsecured Creditors: The most typical types of General Unsecured Debts that are forgiven are: Credit Cards Medical Bills Evictions Foreclosures Repossessions Some Taxes Payday Loans Personal Loans Below are a list of unsecured debts […]
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Pros & Cons of Filing for Bankruptcy
Things are viewed as Black or White these days. It’s either left or right, good or bad, hot or cold … and so on. But that’s not how it should be. Bankruptcy. Some people hear this word and immediately think it is bad. Yes, there are some negative aspects of it, but largely, the positives […]
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posted on July 5, 2022 by
Bankruptcy: What is a “non-asset” case?
With a Chapter 7 Bankruptcy, cases typically fall into one of two categories: Asset v. Non-Asset An asset case is one in which the trustee finds that there are (1) unexempt assets, or (2) preferential or fraudulent transfers that can be undone. In there situations, there will be funds available to be distributed to the […]
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posted on July 1, 2022 by
Bankruptcy: Will it Ruin my Credit?
One of the most common questions we are asked is “How bad will this bankruptcy hurt our credit?!?” And this question is valid. We leave in a society where virtually all home, car and even insurance decisions are affected by our credit score. So let’s unpack this question further. I am not going to lie […]
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posted on June 27, 2022 by
Bankruptcy Means Test: How Many People Are In My Home?
When filing for Bankruptcy, you have to file the Means Test with the Court. This is a document that determines whether you qualify for a Chapter 7 Bankruptcy, or if you are filing a Chapter 13 Bankruptcy, whether you are in a 3 year or 5 year commitment. For the Means Test, there is a […]
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