posted on September 1, 2016 by Russell Law Firm, P.C.
Protecting an Education 529 Plan in Bankruptcy
Qualified state tuition programs, also known as “529 plans,” are growing in popularity as a way to save for your child’s future education. Given the rising costs of college, having this plan waiting for your children can be one of the best gifts that you can give them.
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posted on April 20, 2016 by Russell Law Firm, P.C.
What are the benefits of filing for bankruptcy with my spouse?
You could receive Double Exemptions: If you live in a state that allows you to use federal bankruptcy exemptions, you can double your property exemptions when you file with your spouse. (If your state doesn’t allow federal exemptions, you might want to seek the double exemptions option on joint filing, if your state allows that). Filing for double exemption only works if you and your spouse own property together.
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posted on by Russell Law Firm, P.C.
Is the Trustee a friend or a foe?
Trustees are neutral. They are supposed to be unbiased in their work, solely ensuring that the bankruptcy estate is maintained and in order. However, depending on the situation, they may seem to be a friend or a foe. Take for example, a case of fraudulent activities. Trustees are known to take fraud very seriously
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posted on by Russell Law Firm, P.C.
Can a Chapter 7 Bankruptcy status stop my foreclosure?
Chapter 7 bankruptcy cannot permanently stop your foreclosure, but it is helpful in other ways that can help you manage a foreclosure you are facing.
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posted on March 21, 2016 by Russell Law Firm, P.C.
Can I prevent an eviction by filing for Bankruptcy? Yes
If you file for bankruptcy BEFORE your landlord has a Judgment For Possession, the Automatic Stay triggers protection from an unwanted eviction. At this point, your landlord would be required to file a Motion to Lift Stay in order to proceed with the eviction in Michigan Courts.
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posted on January 29, 2016 by Russell Law Firm, P.C.
Automatic Stay: How long does it last?
When determining how long the automatic stay will last, the first thing that needs to be determined is whether a prior bankruptcy case was dismissed in the year before the filing of the current bankruptcy.
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posted on January 27, 2016 by Russell Law Firm, P.C.
Bankruptcy: Gave an automobile away to a family member or friend?
We often have potential clients come to our office, and after going through their circumstances we come to realize they transfer an automobile to a family member. At the time of the transfer there were no intentions of committing a future bankruptcy fraud, however nonetheless we have a situation that needs to be dealt with.
Read More posted on March 1, 2015 by Russell Law Firm, P.C.
Meeting of Creditors (341-Hearing)
About 4-5 days after your bankruptcy petition as been filed, you (and the creditors you list in your bankruptcy papers) will receive a notification that a “meeting of creditors” has been set. The assigned bankruptcy trustee leads the hearing and, after swearing you in, will ask you questions about your assets, debts, monthly budget and other transactions that may have occurred in the past 1-5 years.
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posted on January 21, 2015 by Russell Law Firm, P.C.
Get Rid of Your Second Mortgage
A Chapter 13 Bankruptcy (also known as Repayment Plan) can remove a second mortgage from your home. If the first mortgage is more than the value of your home, a Chapter 13 Repayment Plan will let you pay your second mortgage or home equity loans the same as your credit card debt.
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Does my Bankruptcy become Public?
Although when you file for Bankruptcy it is a “public record,” it is not published in the local paper. Unlike a foreclosure, which would be published in the Grand Rapids or other local newspaper, this does not happen in a Bankruptcy. For that reason, if you file a Chapter 7 or Chapter 13 Repayment Plan, your neighbors will not see it in the paper.
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