Articles

posted on January 5, 2017 by Russell Law Firm, P.C.

Mobile Home in Bankruptcy? What are the benefits? A LOT!

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.

posted on November 16, 2016 by Russell Law Firm, P.C.

How Often Can I File For Bankruptcy?

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.

posted on September 1, 2016 by Russell Law Firm, P.C.

Bankruptcy: Can I Keep My Home?

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.

posted on by Russell Law Firm, P.C.

Wildcard Exemption

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.

posted on 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.

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.

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

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.

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.

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.