posted on January 29, 2019 by Russell Law Firm, P.C.
Disposable Income in the bankruptcy world will be whatever is left over after taxes, insurance, and any necessary household expenses. This disposable income must then be turned over to the Chapter 13 trustee.
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In a Chapter 13 bankruptcy, tax refunds are treated as disposable income, and as stated in other articles, by default all disposable income is to be turned over to the trustee. However, the following are the most common avenues we take to ensure our clients are able to retain some, or all of their tax refunds.
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Under a Chapter 7 bankruptcy, the trustee looks to the timing of the inheritance. If the inheritance was before filing, any amount on hand at the time of filing will become part of the estate. When it becomes part of the estate, an individual will have to exempt it in order to protect it.
Read Moreposted on October 10, 2017 by Russell Law Firm, P.C.
A common fear among individuals considering bankruptcy, is what the bankruptcy will do to their credit record and how long they will be affected. It is true that under the Fair Credit Reporting Act, this notation on your credit report will last for ten years, but the effects it may have are not always clear cut.
Read Moreposted on February 16, 2017 by Russell Law Firm, P.C.
If you owed money to the Michigan Unemployment Agency, you might want to give my office a call.
Read Moreposted on January 23, 2017 by Russell Law Firm, P.C.
It is possible for there to be a situation where a parent needs to file for bankruptcy, but has severe dementia, and therefore mentally incapacitated.
Read Moreposted on January 5, 2017 by Russell Law Firm, P.C.
f you currently have a loan for a mobile home, there is a chance you are paying a high interest rate for for a loan where you owe significantly more than what the home is worth. If that is the case, then I want to meet with you.
Read Moreposted on November 16, 2016 by Russell Law Firm, P.C.
The answer really depends on which Chapter of Bankruptcy you previously filed (Chapter 7 and Chapter 13), and which Chapter you wish to file. Additionally, these restrictions only apply if you received a discharge in your previous filing.
Read Moreposted on September 1, 2016 by Russell Law Firm, P.C.
Some people think that if you file for bankruptcy that you will lose your home. This is not the case in 99.9% of filings.
If you have less than $11,850 in equity in your home, you can keep your home, and your other assets will not be affected at all. If you have between $11,850 – $23,700 then you can keep your home, but your D5 Wildcard exemptions may be limited.
Read Moreposted on by Russell Law Firm, P.C.
As discussed in a prior article, think of an exemption as a credit you can use to buy back your property. If you have a loan or lien on a piece of property, then you only need to use your credits to buy back you ‘equity’ in the property (Equity = Value – Loan Amount). Most exemptions can only be used to protect a certain category of property.
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